Singapore banks eyes Chinese illegal gamblers as money laundering case grows

Authorities in Singapore started breaking up a money-laundering organization with connections to illegal gaming in August. The US$740.4 million was confiscated as the investigation developed. However, as more Chinese nationals come under attack, a wider network is being uncovered every day.

The government has already taken assets and cash worth more than US$1.75 billion. More illicit behavior is being discovered as the inquiry goes on, adding to what was previously thought to be the biggest money laundering case in Singaporean history.

 

[cherrylarry]

Singapore banks are placing a growing emphasis on tackling the issue of Chinese illegal gamblers. This marks a notable advancement in the ongoing fight against money laundering, which poses a grave danger to financial systems and is frequently linked to illicit endeavors, such as gambling.

 

[mosesdera]

It's good the authorities are trying to get the money back instead of it being used for bad things. I hope this case helps them understand better how the illegal gambling networks work between countries. Maybe now they can make rules to stop so much money being taken away from places it shouldn't.

 

[MiaLuca]

Collaboration between banks and regulatory authorities plays a pivotal role in guaranteeing the transparency and security of the financial system. It is imperative for them to work together closely to achieve this goal.