A 36-year-old man will be charged on 27 January 2022 for his suspected involvement in providing unlicensed domestic money transfer services and being allegedly involved in an arrangement to facilitate another person’s control of benefits from criminal conduct.
Between September and November 2020, the Police received 22 police reports of investment scams where victims were deceived into making more than 150 local transfers amounting to more than $1,600,000 into two virtual accounts and one local bank account maintained in Singapore. Investigations revealed that the two virtual and one local bank accounts belonged to the 36-year-old man, who had purportedly arranged to receive funds locally for a fee on behalf of a person known to him as “Kenny”.
The man is believed to have facilitated the receipt of money transfer services amounting to more than $1,600,000 and subsequent local transfers via third-party bank accounts. On 30 September 2020, the man purportedly delivered cash withdrawals amounting to $237,000 to a person unknown to him as well.
The man will be charged in court on 27 January 2021 with the offence of carrying on a business of providing unlicensed domestic transfer services under Section 5 of the Payment Services Act 2019. The offence carries a fine not exceeding $125,000, imprisonment for a term not exceeding three years, or both.
The man will also be charged with the offence of being involved in an arrangement to facilitate another person’s control of benefits from criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act (“CDSA”), Chapter 65A. The offence carries a fine not exceeding $500,000, imprisonment for a term not exceeding 10 years, or both.
The Police take a serious view of the misuse of the financial system to launder proceeds of crime, and offenders will be dealt with in accordance with the law. To avoid being an accomplice to crimes, members of the public should reject requests from others to use your bank accounts as you will be held accountable if these are linked to crimes.
SINGAPORE POLICE FORCE
26 January 2022 @ 10:45 AM