SINGAPORE: A licensed fund management company is under investigation for suspected money laundering, with more than S$160 million (US$124 million) in assets from the company’s bank and securities accounts seized.
An enforcement operation by the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) was conducted on Mar 5 against Capital Asia Investments, said the authorities in a joint statement on Monday (Mar 9).
Two of the company's directors were arrested.
MAS said it had been reviewing the company and its activities after receiving information about possible unlawful conduct. A supervisory review found “serious control failings” in the firm’s compliance with anti-money laundering requirements.
Separately, SPF said it had received financial intelligence from the Suspicious Transaction Reporting Office regarding the alleged involvement of Capital Asia Investments and related entities in a transnational money laundering network.
"Following this, the police commenced investigations and engaged foreign counterparts for information and assistance as the proceeds of crime were allegedly derived from overseas organised crime activities, including scams", SPF added.
Investigations are ongoing.
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An enforcement operation by the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) was conducted on Mar 5 against Capital Asia Investments, said the authorities in a joint statement on Monday (Mar 9).
Two of the company's directors were arrested.
MAS said it had been reviewing the company and its activities after receiving information about possible unlawful conduct. A supervisory review found “serious control failings” in the firm’s compliance with anti-money laundering requirements.
Separately, SPF said it had received financial intelligence from the Suspicious Transaction Reporting Office regarding the alleged involvement of Capital Asia Investments and related entities in a transnational money laundering network.
"Following this, the police commenced investigations and engaged foreign counterparts for information and assistance as the proceeds of crime were allegedly derived from overseas organised crime activities, including scams", SPF added.
Investigations are ongoing.
Continue reading...