A Singapore-registered company (“Company”) will be charged in court on 30 June 2025 for its suspected involvement in money laundering activities.
Preliminary investigations revealed that the Company’s bank accounts were believed to be used to receive criminal proceeds arising from an alleged scam perpetuated against a foreign company. Between 8 and 14 September 2021, the Company received over $571,000, of which a portion was subsequently transferred to foreign bank accounts.
The Company was allegedly unable to account satisfactorily how it came by the property and will be charged for an offence of possessing property reasonably suspected to be benefits from criminal conduct under Section 47AA(1) of the CDSA (Cap 65A, 2000 Rev Ed).
Under Section 47AA(2)(b) of the CDSA (Cap 65A, 2000 Rev Ed), a corporate entity convicted of possessing property that may be reasonably suspected of being benefits of criminal conduct may be liable to a fine not exceeding $300,000.
Members of the public are advised not to use their personal or company bank account(s) to receive funds from unknown sources. The Police will not hesitate to take stern enforcement action against companies that are incorporated for illegal purposes such as the laundering of criminal proceeds and against directors whose neglect allows their companies to be run for illegal purposes. Such abuse affects Singapore’s reputation as an international financial centre and business hub.
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
29 June 2025 @ 6:00 PM