SINGAPORE – Investigations into the billion-dollar money laundering case here did not arise from external pressure and were triggered by suspicious transaction reports filed by financial institutions, said Home Affairs and Law Minister K. Shanmugam, stressing that the probe had been ongoing for months. Read more at straitstimes.com.
SINGAPORE – Investigations into the billion-dollar money laundering case here did not arise from external pressure and were triggered by suspicious transaction reports filed by financial institutions, said Home Affairs and Law Minister K. Shanmugam, stressing that the probe had been ongoing for months.
“We didn’t start the investigations at the request of some foreign country or party or because of external pressure.”“Just because a country says arrest so-and-so doesn’t mean we go and arrest. It’s got to be illegal in Singapore. We need to be satisfied and we need to know that things have happened which are contrary to our laws, then we will take action – regardless of what others say,” he said.
Responding to Lianhe Zaobao’s query on this, Mr Shanmugam said those with proper, legitimate businesses who are bringing in legitimate money need not worry. On what will happen to the 10 foreigners once they are convicted and sentenced, Mr Shanmugam said they will have to serve the sentence, and after that “supposing it’s a custodial sentence... he or she may be deported out of Singapore to wherever the passport will allow the person to go”.
He added that the Financial Action Task Force , a global body that sets the standards and oversees efforts to combat money laundering and financing of terrorism, had assessed Singapore’s legal and institutional framework before the money laundering syndicate bust, and concluded that it is robust.
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