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On 5 March 2026, the Police and the Monetary Authority of Singapore (“MAS”)  jointly conducted enforcement operations against Capital Asia Investments Pte Ltd (“Capital Asia Investments”) and its directors for suspected money laundering offences under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and suspected failure to comply with various obligations as a licensed capital markets services licence holder under the Financial Services and Markets Act 2022. 

Following information received about possible unlawful activities by the company, the MAS has been reviewing the company and its activities. MAS’ supervisory review found serious control failings in Capital Asia Investments’ compliance with MAS’ anti-money laundering requirements.

Separately, the Police had received financial intelligence from the Suspicious Transaction Reporting Office (STRO) regarding the alleged involvement of Capital Asia Investments and its related entities in a transnational money laundering network. Following this, the Police commenced investigations and engaged foreign counterparts for information and assistance as the proceeds of crime were allegedly derived from overseas organised crime activities including scams. 

As part of the operation, the Police seized more than S$160 million of assets in Capital Asia Investments’ bank and securities accounts. Two directors of Capital Asia Investments were arrested. 

Investigations are ongoing.

The offence of money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 is punishable with imprisonment of up to 10 years, or a fine of up to S$500,000, or both. 
The punishment for offences under the Financial Services and Markets Act 2022 is a fine of up to S$1 million, with further fines for continuing offences, if applicable.

Singapore takes a serious view of individuals and entities which seek to exploit Singapore’s financial system for money laundering and other criminal activities. The Police will take strong enforcement action and the offenders will be dealt with firmly.