A 37-year-old woman and two men, aged 42 and 43, will be charged in court on 9 May 2025 for assisting another to retain benefits of drug dealing or benefits from criminal conduct in certain circumstances for their alleged involvement in three separate cases of money laundering activities through Peer-to-Peer cryptocurrency trading.
The 37-year-old woman will be charged for allegedly receiving $20,000 in her bank account for a Peer-to-Peer sale transaction in cryptocurrency and failing to take reasonable steps to ascertain the source of the money. The funds are traced to the losses from a victim in a Technical Support Scam.
The 43-year-old man will be charged for two counts of allegedly being concerned in an arrangement under which the control on behalf of an unknown person’s benefits of criminal conduct is facilitated, by receiving funds amounting to more than $689,000 in two of his bank accounts and failing to take reasonable steps to ascertain the source of the funds. More than $334,000 of these funds are traceable to losses sustained by four scam victims.
The 43-year-old man will also be charged for allegedly abetting by intentionally aiding a friend into being concerned in an arrangement under which the control on behalf of an unknown person’s benefits of criminal conduct is facilitated, by providing use of the friend’s bank account to receive funds without taking reasonable steps to ascertain the purpose of its use. A total of more than $212,000 traced to benefits of criminal conduct flowed through the account.
The 42-year-old man will be charged for allegedly transferring cryptocurrency valued at least $96,000 to a cryptocurrency wallet pursuant to a Peer-to-Peer sale transaction, without taking reasonable steps to ascertain the identity and physical location of the counterparty. The cryptocurrency is traceable to losses sustained by a foreign scam victim.
The offence of assisting another to retain benefits of drug dealing or benefits from criminal conduct in certain circumstances, under Section 55A of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries a fine not exceeding $50,000 or imprisonment for a term not exceeding three years, or both.
The Police take a serious view on money laundering activities and will not hesitate to take action against those who commit such offences. To avoid being implicated in criminal activity, members of the public should always reject requests by others to use their bank and cryptocurrency accounts and wallets. They should also be wary of seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their bank or cryptocurrency accounts. Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes.
For more information on scams, members of the public can visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/i-witness. All information will be kept strictly confidential.
SINGAPORE POLICE FORCE
08 May 2025 @ 8:20 PM