On the basis of a money-laundering scandal that occurred in 2023, Singaporean authorities have accused two former bank managers.  The case concerned the illegal transfer of three billion Singapore dollars, part of which came from gaming businesses located in other countries.

 On August 15, two former bank managers were charged with crimes related to their alleged involvement in the most significant money-laundering case in Singapore.

 First to be implicated in the scandal were Wang Qiming and Liu Kai, both of Citibank and Julius Baer, respectively. They were the first financial experts to be involved.

 Criminal charges were brought against a second individual who was employed as a driver for a businessman who was involved in the investigation.  Businessman Su Binghai has evaded capture and is no longer in the jurisdiction.  Nobody knows where he is at this moment.

 Ten people have been found guilty, while others are still at large.
 At this point in time, ten individuals have been found guilty of laundering billions of dollars' worth of revenue from criminal activities, including internet gambling.

 In sum, filthy money amounting to S$3 billion (£1.764 billion, €2 billion, or $2.3 billion) was transferred through 16 banks in Singapore.  More than one billion Singapore dollars' worth of cash and assets were also taken into custody, which included luxury real estate, automobiles, jewellery, handbags, and watches.

 To this day, every single person who has been found guilty has been recognised as a Chinese national hailing from the province of Fujian.  There is a variety of sentences in this case, from thirteen to seventeen months in prison.

 At least seventeen individuals who are still at large in connection with the investigation are still being sought by the authorities.

 An infiltration of the Singaporean banking system
 As a result of the incident, Singapore's reputation as a financial jurisdiction that is free from corruption and contains robust anti-money laundering (AML) policies was discredited.

 At the global level, the city-state is a member of the Financial Action Task Force, which is responsible for monitoring countries for potential instances of money laundering.  It is a co-chair of the Policy Development Group of the Financial Action Task Force (FATF), which contributes to the development of standards for other markets.  The Asia-Pacific Group on Money Laundering is another organisation that Singapore is a member of.  As well as this, it collaborates with international organisations that fight against financial crime, such as the Egmont Group and Interpol.

 According to the Money-Laundering Risk Assessment that was conducted by the Ministry of Finance in 2024, Singapore continues to be at a high risk of "foreign fraud, particularly cyber-enabled money laundering."

 It is said in the paper that "this threat has been exacerbated by advancements in digitalisation."  Through the use of online portals, syndicates are able to "cross borders" in order to clean their illicitly obtained wealth.

 The paper notes that "another key ML threat that Singapore faces arises from foreign organised crime and, in particular, illegal online gambling." This is a problem that Singapore faces.  More specifically, it states that "several of the accused" benefited from "illegal online gambling from foreign organised criminal groups" in the case that occurred in 2023.

 The tightening of rules at casinos
 Following the passage of the Anti-Money-Laundering and Other Matters Bill on August 6th, Singapore has lately implemented a number of measures to strengthen its financial controls.  With the passage of an amendment to the Casino Control Act, gambling companies are now able to share consumer data, which makes it easier to identify potentially fraudulent activities.

 Additionally, the law revises the obligations for conducting customer due diligence (CDD) checks in order to assist in the detection and prevention of financial crimes.

 Previously, the checks were triggered whenever customers made a single cash transaction of S$10,000 or more, or when they deposited S$5,000 or more into an account.  For both cash transactions and deposits, the threshold has been reduced to S$4,000. This change was made simultaneously.

 There are two casino resorts in Singapore that are worth multiple billions of dollars each: Resorts World Sentosa and Marina Bay Sands Hotel.

 To this day, criminals continue to draw to Singapore.
 It is ironic that criminals are lured to Singapore because of its reputation as a banking centre that is in good standing with the international community.

 Following the publication of a report in June by the Singapore Monetary Authority, it was said that "Singapore is inevitably exposed to (transnational money-laundering) threats."  The phrase "criminal syndicates and professional criminal elements seeking to launder illicit funds from abroad" describes the individuals who are the targets of this activity.