Singapore Company to Face Court Over Suspected Money Laundering Activities
A Singapore-registered company is set to be charged in court today, 30 June 2025, for its alleged involvement in money laundering activities linked to a significant scam targeting a foreign firm. Preliminary investigations conducted by the authorities suggest that the company’s local bank accounts were used as conduits to receive illicit funds connected to the scam.
According to police reports, between 8 and 14 September 2021, the company allegedly received over S$571,000 in its corporate accounts. Following the deposits, part of these funds was transferred to overseas bank accounts. The company’s inability to provide a satisfactory explanation regarding the origins of the money raised red flags with investigators, leading to charges being brought under Singapore’s tough anti-money laundering laws.
Company Faces Serious Penalties Under CDSA
Specifically, the company will be charged for an offence under Section 47AA(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) – Chapter 65A, 2000 Revised Edition. This section deals with the possession of property that can be reasonably suspected to be proceeds from criminal conduct, a serious offence in Singapore’s robust financial regulatory framework.
If found guilty under Section 47AA(2)(b) of the CDSA, the corporate entity faces a maximum fine of up to S$300,000. The case serves as a stark reminder to all businesses operating in Singapore of the grave consequences of becoming involved, whether knowingly or negligently, in laundering proceeds derived from criminal activities.
Public Urged to Remain Vigilant Against Illicit Fund Transfers
The Singapore Police Force issued a strong advisory urging both individuals and companies to refrain from using their personal or business bank accounts to receive funds from unknown or suspicious sources. They warned that companies set up or used for illicit purposes such as money laundering will face severe enforcement action. Directors and key personnel who fail to exercise due diligence in overseeing company operations could also be held liable if their negligence enables illegal activities.
Authorities highlighted that such criminal misuse of corporate entities not only undermines trust in Singapore’s financial system but also tarnishes the country’s reputation as a leading international financial centre.
Resources for Public Awareness and Reporting
To help the public stay informed and vigilant against scams, individuals are encouraged to visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799 for assistance. Anyone with information about potential scams or suspicious activities can contact the Police Hotline at 1800-255-0000 or submit reports securely online via www.police.gov.sg/i-witness. All information shared with the authorities will be treated with the utmost confidentiality.
The Police reiterated their commitment to taking firm action against any company or individual found to be complicit in laundering criminal proceeds, reinforcing Singapore’s zero-tolerance stance towards financial crimes.