published : 2023-10-19
Singapore Launches Largest-Ever Money Laundering Probe
Singapore police investigating foreigners and major banks in a sweeping money laundering investigation
The Monetary Authority of Singapore (MAS) is launching an extensive on-site inspection of a local unit of Credit Suisse to determine if it handled the monitoring of wealthy clients properly.
This move comes after at least one of the bank's customers was charged with money laundering.
MAS officials will also review documents and interview personnel from other major banks, including UBS, as part of their investigation.
Singapore police have already arrested 10 foreigners in connection with this massive money laundering case, with over $2 billion worth of assets seized.
This is one of the largest cases of suspected money laundering in Singapore's history.
The investigation will focus on uncovering the scope and extent of the alleged money laundering scheme.
MAS has announced that they are conducting supervisory reviews and inspections on financial institutions connected to this case.
Credit Suisse has declined to comment on the ongoing investigation.
The outcome of this probe has the potential to impact Singapore's financial industry and its reputation internationally.