9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

CEOCambodiaNews · Post by **CEOCambodiaNews** » Sat Sep 09, 2023 2:07 pm

Commentary: Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling
Online gambling and virtual assets were involved in Singapore’s S$1 billion money laundering case. Financial fraud expert Kelvin Law from NTU looks at how online gambling is a haven for money launderers.
Kelvin Law
29 Aug 2023 06:00AM (Updated: 06 Sep 2023 12:25PM)

SINGAPORE: One of the largest money laundering probes in Singapore’s history hogged the headlines this month.

Police arrested 10 foreigners on suspicion of forgery and money laundering activities involving scams and online gambling. About S$1 billion (US$736 million) in assets, including properties, vehicles, luxury goods and gold bars, have been seized or frozen.

Notably, among the list of items confiscated were documents related to “virtual assets”, for example, cryptocurrencies. This leaves one wondering, what exactly is the connection between online gambling and cryptocurrencies in the context of money laundering?
Article: https://www.channelnewsasia.com/comment ... ey-3724011

Newinkow · Post by **Newinkow** » Sat Sep 09, 2023 3:07 pm

CEOCambodiaNews wrote: ↑Sat Sep 09, 2023 2:07 pm Commentary: Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling
Online gambling and virtual assets were involved in Singapore’s S$1 billion money laundering case. Financial fraud expert Kelvin Law from NTU looks at how online gambling is a haven for money launderers.
Kelvin Law
29 Aug 2023 06:00AM (Updated: 06 Sep 2023 12:25PM)

SINGAPORE: One of the largest money laundering probes in Singapore’s history hogged the headlines this month.

Police arrested 10 foreigners on suspicion of forgery and money laundering activities involving scams and online gambling. About S$1 billion (US$736 million) in assets, including properties, vehicles, luxury goods and gold bars, have been seized or frozen.

Notably, among the list of items confiscated were documents related to “virtual assets”, for example, cryptocurrencies. This leaves one wondering, what exactly is the connection between online gambling and cryptocurrencies in the context of money laundering?
Article: https://www.channelnewsasia.com/comment ... ey-3724011

From the article in the lunk:

"Singapore is one of the strongest globally when it comes to financial crimes detection. Robust AML regulations and suspicious transaction reporting systems are in place."

Why would someone choose to use Singapore as their base for money laundering? I'm sure there are countries with weaker detection systems. For example KoW. They already hold KoW passports.

I try to live my life on the right side of the law (some petty stuff as a youth). I don't know the inner working or thinking of organized crime I'm sure they know better then me but it just doesn't make sense to me. Maybe KoW was the origin of the illicit money but still their are weaker country to use to launder.

newkidontheblock · Post by **newkidontheblock** » Sat Sep 09, 2023 7:43 pm

Have you watched Crazy Rich Asians?

It’s filmed in Singapore.

A super rich Asian lives a far more comfortable life in Singapore than in Cambodia. No electricity cuts, no routine street flooding, streets that don’t smell because of trash, the benefits continue.

Plus the gangsters are all Chinese. The majority of Singaporeans are Chinese. Chinese like to be with Chinese.

Doc67 · Post by **Doc67** » Sat Sep 09, 2023 9:49 pm

Newinkow wrote: ↑Sat Sep 09, 2023 3:07 pm
CEOCambodiaNews wrote: ↑Sat Sep 09, 2023 2:07 pm Commentary: Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling
Online gambling and virtual assets were involved in Singapore’s S$1 billion money laundering case. Financial fraud expert Kelvin Law from NTU looks at how online gambling is a haven for money launderers.
Kelvin Law
29 Aug 2023 06:00AM (Updated: 06 Sep 2023 12:25PM)

SINGAPORE: One of the largest money laundering probes in Singapore’s history hogged the headlines this month.

Police arrested 10 foreigners on suspicion of forgery and money laundering activities involving scams and online gambling. About S$1 billion (US$736 million) in assets, including properties, vehicles, luxury goods and gold bars, have been seized or frozen.

Notably, among the list of items confiscated were documents related to “virtual assets”, for example, cryptocurrencies. This leaves one wondering, what exactly is the connection between online gambling and cryptocurrencies in the context of money laundering?
Article: https://www.channelnewsasia.com/comment ... ey-3724011
From the article in the lunk:

"Singapore is one of the strongest globally when it comes to financial crimes detection. Robust AML regulations and suspicious transaction reporting systems are in place."

Why would someone choose to use Singapore as their base for money laundering? I'm sure there are countries with weaker detection systems. For example KoW. They already hold KoW passports.

I try to live my life on the right side of the law (some petty stuff as a youth). I don't know the inner working or thinking of organized crime I'm sure they know better then me but it just doesn't make sense to me. Maybe KoW was the origin of the illicit money but still their are weaker country to use to launder.

Why would someone choose to use Singapore as their base for money laundering? I'm sure there are countries with weaker detection systems. For example KoW. They already hold KoW passports.

Because if you can get the money into their system and pass their AML tests, your money can go anywhere with a seal of approval: you're with HSBC Singapore, so you must be kosher. That's the logic.

However AML and KYC is an ongoing process and just because you passed their tests once, doesn't mean they won't keep testing you. And if you trip an alarm they will look into you again, and it seems this is what has happened here. They looked closely, didn't like what they saw and pulled off an impressive raid and captured an awful lot of money.

I wonder who gets to keep it?

phuketrichard · Post by **phuketrichard** » Wed Oct 04, 2023 1:18 pm

S’pore money laundering case among world’s largest with assets seized worth over $2.8b

SINGAPORE – The first sign of trouble, that something big was afoot, came in 2021 when the authorities noticed possibly forged documents being used to substantiate sources of funds in bank accounts here.

So as not to alert the suspected money launderers, only a small group of police officers was involved in initial investigations.

After an extensive probe in 2022, the police uncovered a web of people allegedly transferring money to Singapore from abroad that was suspected to be earned from criminal activities. Some of the people were connected by family ties.

The assets seized or issued with prohibition of disposal orders following islandwide raids conducted on Aug 15 are now worth more than $2.8 billion, making it one of the world’s largest money laundering cases.

quite a read;
https://www.straitstimes.com/singapore/ ... h-over-28b

PSD-Kiwi · Post by **PSD-Kiwi** » Wed Oct 04, 2023 2:05 pm

This case has caused the Immigration Department to stop issuing necessary documents required by foreigners applying for Citizenship whilst they conduct a full investigation, all Citizenship applications have been put on hold.

orichá · Post by **orichá** » Wed Oct 04, 2023 4:27 pm

Here is another detailed story out of S'pore... published in "Today" dated October 4...

https://www.todayonline.com/singapore/1 ... eo-2271966

Very interesting: Mrs Josephine Teo, Second Minister for Home Affairs in Sievepore, is in high gear, keeping very busy making excuses, hahaha...

"Singapore handles massive volumes of transactions every day and this sheer volume provides "easy camouflage" for illicit activities, she added."

The article notes:

"The finance sector contributes about 14 per cent of the country's economy and employs about 200,000 people, making it an important industry here."

9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Re: 9 Cambodian Passport Holders Arrested in International Billion Dollar Money Laundering Affair

Who is online

Register/Login to CEO with your Social Media Account: