A 3-day islandwide raid was conducted by the authorities and the Singapore Police Force arrested 12 people aged 17-30 years old for suspected money laundering that is allegedly related to scams.
According to Straits Times, 11 men and 1 woman were arrested for money laundering related to scams involving more than SGD$2 million, and another 11 men and 3 women aged 17-67 are assisting with the investigations.
The suspect had given their personal identification detail, bank details and Singpass to syndicates for transactions or opening of new bank accounts.
The bank accounts are then used to conduct transactions from ill-gotten gains.
To avoid being used for money laundering one should not accept unknown SMS, Call or messaging apps message starting you could earn extra income.
Singapore Police advised members of the public not to share their personal identification detail and disclose their Singpass to unknown people.
Penalties
Those guilty of providing unauthorised computer material could be jailed for up to 2 years and fined.
The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence. The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
The offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term not exceeding 10 years, a fine not exceeding $500,000, or both.
The offence of carrying on a business to provide any type of payment service in Singapore without a licence under Section 5 of the Payment Services Act 2019 carries a fine not exceeding $125,000, an imprisonment term not exceeding three years, or both.
Image source: SINGAPORE POLICE FORCE