MAS Licensing Loopholes Aided Illicit Money Conduits into Singapore, Sources Say

Lax AML scrutiny on family offices, remittance companies facilitated money laundering

By: Andy Wong Ming Jun

Cross-border agents both inside and outside of Singapore have aided money launderers to rapidly transfer vast sums into the country through a web of formal or informal remittance houses, evading controls and setting the stage for the S$1.8 billion (US$1.3 billion) scandal now engulfing the banking and finance industry, knowledgeabl…