Addressing Money Laundering in Digital Currencies
In a determined effort to address the issue of money laundering tied to digital currencies, the Singapore Police Force teamed up with StraitsX, a prominent cryptocurrency platform, for a focused enforcement operation that ran from May 13 to May 30.
Operation Outcomes
This initiative resulted in substantial outcomes: authorities confiscated more than 200,000 Singapore dollars in cash and apprehended a total of 49 individuals — 35 men and 14 women — whose ages range from 18 to 58. These suspects are now assisting police with their inquiries.
Investigation Findings
Preliminary findings from the ongoing investigation indicate that the individuals arrested had potentially facilitated money laundering activities by allowing others to utilize their cryptocurrency or Singpass accounts, reportedly in exchange for payments varying between 400 and 3,000 Singapore dollars. It has been noted that many suspects were allegedly contacted by unknown persons via messaging platforms such as Telegram or WhatsApp, and they provided their personal details as directed.
Importance of Partnership
The police highlighted how crucial the partnership with StraitsX, a licensed digital payment service provider, has been in employing advanced technological measures to identify and act against suspicious account activities.
Legal Repercussions
Under Singapore’s strict Corruption, Drug Trafficking and Other Serious Crimes Act, those found guilty of aiding others in retaining the proceeds of crime could face serious legal repercussions, including:
- a maximum three-year prison term,
- fines reaching up to 50,000 Singapore dollars, or
- both.
Law enforcement authorities have urged citizens to exercise caution and avoid lending out their accounts to prevent unintentional involvement in illicit activities.
