49 under probe for suspected money laundering involving crypto accounts, over $200k seized
SINGAPORE – The police are investigating 49 people for suspected money laundering activities involving the use of cryptocurrency accounts.
The suspects – 35 men and 14 women – are aged between 18 and 58, the police said on June 12.
They were nabbed during an islandwide operation carried out between May 13 and 30 by officers from the police’s Anti-Scam Command, who worked alongside digital payments firm StraitsX. More than $200,000 was seized as a result.
Early investigations showed that the suspects allegedly opened and gave up their cryptocurrency accounts or Singpass credentials in exchange for cash, which ranged from $400 to $3,000.
Making use of messaging platforms such as Telegram or WhatsApp, unknown parties had made contact with the suspects, guiding them through the process.
Part of the instructions they received included providing screenshots, personal details, as well as access to their cryptocurrency or Singpass accounts, which were then used to facilitate the laundering of scam proceeds.
The police said the collaboration with StraitsX had “enhanced capabilities to detect suspicious financial activities”, which led to the suspects being identified.
They also stressed that they take a strong stance against people who may be involved in money laundering activities, and will not hesitate to take action.
In order to avoid being implicated in such crimes, the police advised people to always reject requests by others to make use of their bank or cryptocurrency accounts.
Caution should also be exercised if “seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their bank or cryptocurrency accounts” are presented.
“Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,” said the police.
Those convicted of assisting another person to retain the benefits from criminal conduct can be fined up to $50,000, jailed for up to three years, or both.
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