3 ministerial statements on $2.4B money laundering case today

SINGAPORE: Parliament will see three ministerial statements today (3 Oct) on one of Singapore’s largest-ever money laundering cases.

According to the parliamentary order paper, Second Minister for Home Affairs Josephine Teo, Minister of State for Trade and Industry Alvin Tan, and Second Minister for Finance and National Development Indranee Rajah will be speaking on Singapore’s Anti-Money Laundering Regime. Mr Tan will be speaking on behalf of Deputy Prime Minister Lawrence Wong.

Earlier this month, 10 foreigners faced charges in court after authorities seized and froze approximately S$1 billion in assets. These assets included properties, vehicles, luxury goods, and gold bars.

The police updated on Sept 20 that the value of assets seized in the case has climbed to more than S$2.4 billion after further actions. This includes bank accounts with a value of more than S$1.13 billion.

A total of 12 parliamentary questions have been filed for oral answers concerning the money laundering case. Choa Chu Kang GRC MP Zhulkarnain Abdul Rahim asked how the Monetary Authority of Singapore intends to cooperate with relevant agencies to prevent the use of movable assets, such as jewellery and watches, in local money laundering activities. He also inquired about the tightened controls and strict inspections on assets like jewellery and watched brought into the country through importers and retail stores.

Bukit Batok SMC MP Murali Pillai posed questions regarding the involvement of the ten foreigners in organized criminal gangs in Singapore and whether such ties would be investigated further. He also questioned whether additional measures would be implemented to safeguard the local real estate market from exploitation by money launderers.

In addition to the money laundering case, today’s parliamentary session will address other pressing issues, including public transport fares, food prices in hawker centres, and the progressive wage model.