Josephine Teo’s full ministerial statement on Singapore’s billion-dollar money laundering case

Singapore police were first alerted to suspicious activities in 2021, and began a coordinated probe in early 2022 into what eventually became a massive billion-dollar money laundering case, said Second Minister for Home Affairs Josephine Teo in parliament on Tuesday (Oct 3). She added that more than S$2.8 billion worth of assets have been seized or frozen, making the case likely one of the largest anti-money laundering operations in the world.

Delivering a ministerial statement in the House, Ms Teo also touched on the immigration status of the individuals under arrest, as well as immigration-related issues and screening processes. She also gave an overview of the country’s anti-money laundering regime. Read more: https://cna.asia/48uv7v0

00:00 Start of statement
01:37 Update on the case and investigations
10:44 Money laundering risks in international financial centres
18:08 Overview of Singapore’s anti-money laundering (AML) regime
33:12 Immigration-related issues that have arisen from the case
36:51 Outline of plans to ensure Singapore’s AML regime remains effective

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