Singapore's Biggest Ever Money Laundering Case: How Does It Affect Me? | Talking Point
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- At least S$2.8 billion in monies and assets was seized in one of the world’s largest money laundering cases uncovered in Singapore. How do some criminals clean their criminal proceeds, and why do they choose to do so in Singapore? And what happens to the assets seized? Host Steven Chia delves into the dark world of money laundering to find out what exactly it involves, and how does it really affect you?
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• Talking Point | Full E...
00:00 Money laundering cases in Singapore
02:06 How criminal money can be “cleaned”
05:05 Economic impact of money laundering
08:35 Are anti-money laundering checks strictly followed?
11:34 Using technology to catch potential money launderers
15:53 Where do seized assets and goods end up?
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Talking Point investigates a current issue or event, offering different perspectives to local stories and revealing how it all affects you.
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I love his explanation: if you want to clean your dirty laundries you need to choose a good brand washing machine. This explains everything
It's also an extremely PC answer that's hardly accurate. All around the world, the countries with the highest amounts of fraud through the financial system are countries that have turned a blind eye to policing dirty money flowing through the system - not countries with the "best brand of washing machine". Singapore is not some kind of exceptional unicorn that's just a magnet for fraud despite all their efforts to prevent it. The reality is big financial hubs become big financial hubs because they close one eye for the ultra wealthy. Switzerland, Singapore, Panama, Cayman Islands, Bahamas all do this.
Singapre is a paradise for money laundry. haha
money laundering hub $$$$
The $2B money laundering case shows Singapore 🇸🇬 is a haven for Chinese money laundrers.
This is only a floating part of an iceberg.
money laundering hub $$$$ world's best place to money launder whoop whoop
105 HIGH END Properties Bought since 2017
NO RED FLAGS ?
CPIB In DEEP SLUMBER for PAST 6 yrs ?
Mainland chinese, your Singapore let TOO many into your country. They are all family and friends of the beijing communists party. Of course they will committ financial crimes!!
@@vincecarlothere are many crazy riches who invest in singapore. If they looked like they are not related it is possible to pass thru the screening... Very hard to tell...
@@Jane306 Hmmmm. Not something I’d write home about. Unfortunately an average wine at a not so average price. Purchased at a restaurant during a work dinner and a disappointed with what we received for what we paid. Overall the wine was ok, but basic and whilst reasonably balanced not complex at all for a wine of this region. I’d probably chose the wine up on the list next time.
The 10,000 Singapore dollar bill is often used to transport dirty money
Lol property agents doing “ due diligence “
7:39 In a nutshell, if dirty monies flow in, clean funds won't.
Last year, the Philippines 🇵🇭 authorities closed 175 Chinese gambling organizations,
and deported 40,000 Chinese nationals who entered into the country and worked illegally, many as *online scammers and other shady activities.*
Meanwhile here in Indonesia, we had 2,7 millions idiots who addicted to online gambling. Which owned by Chinese in Cambodia. It will cause a lots of negative effects here.
Mainland chinese, your Singapore let TOO many into your country. They are all family and friends of the beijing communists party. Of course they will committ financial crimes!!
How does a director of 186 firms not be in the spotlight and get away for such a long time??
Oh, this is a very different theme from what Steven often investigates :)
Steve FOCUSES on PROPAGANDA 🐂💩
These are high class criminals who play around the loop holes in the system to make them look "clean".
If Singapore stopped all the Chinese money launderers here, the economy would collapse. 😂
Very interesting 🤔
Also PRC nationals fleeing their country, there's not that many ways to legally transfer their assets overseas.
Popular destinations like Vancouver, New Zealand, Australia are being flooded with all these monies buying up local real estate at exorbitant prices. Rising up housing/rent value for everyone else making them unaffordable.
money laundering hub $$$$
These PRCs are ruining the local property markets globally! Even worse, those houses are empty all the times whereas locals were struggling to put a roof over their heads as they are priced out!
Trillion dollars business that keep the island afloat
How they get so much money to launder, why no one is reporting on that ?
CPIB 😴😴😴
This latest case started in 2017 but actions against the perpetrators were taken only in 2023. It take well over five years to detect and for actions to be taken. This begs the question of how robust our system is against money laundering.
or maybe they held out to get a big catch/find concreted evidence
That’s 6 years
money laundering hub $$$$ world's best place to money launder whoop whoop
China forced the Gov to take action. In fact, estimates are that half of the PRC here (or PRC with other bought citizenship) are laundering money.
Mainland chinese, your Singapore let TOO many into your country. They are all family and friends of the beijing communists party. Of course they will committ financial crimes!!
I think it unspoken market that SG is the best place to cuci duit
Due diligence at the auction? How is payment made for the items? Can it also be a conduit for money laundering?
Luxury tax for transaction of luxury items can fast to detect individual purchase and recorded
Wow 152 properties in SG waiting to be auctioned - will the bid price be low or high😅
Ordinary people will lose, that's the answer to all questions regarding money
19:29 I believe the photo shows a collection of Macallan whisky....
MAS chief not accountable? ... 1MDB, now Fujian gang... Have to wait for 10 more cases?
No one is checking the property agent, so there is "lobang" lar.
just wondering if it is possible to do stringent background checks before such "money" enters our system?
With Singapore being such a tiny country and having well-known stringent laws, I find it extremely hard to believe the government and authorities did not know about such scams taking place for so long.
Do you mean they totally didn't do any background checks when the money launderer bought 10 premium condos costing like S$60-$80 million at one go?
Or if someone purchases a GCB for $60 million and above it's ok? No further checks need be done?
Don't kid me.
The authorities must have admitted tons of super wealthy people to this country that all of them could enter through the cracks.
It gives me the feeling that as long as one has lots of money, despite doing something illegal, the ability to breeze through the law is easy.
Remember that China Chinese tour guide who scammed an old wealthy woman with dementia? How did he get his PR so easily? He attached himself to her and the authorities foolishly thought he was really rich. Hence, the PR approval.
The SG government are not doing their job properly. The consequences can be felt immediately. Now I know why prices of private as well as public properties have been soaring so quickly. It's because of all these rich people they have admitted over the years.
As a Singaporean, I feel frustrated to realise that some of them turned out to be scammers. ☹
In reality, you can suspect but to arrest someone you need a hard evidence to prove one is violating and scamming. That is possible in China PRC government, the government could just arrest whatever they think you are, that’s why you can see the rich could disappear overnight. Singapore still maintains the freedom and yet regulated. It requires time to collect the evidence. People like you are so smart to find a loop hole although it’s suspicious. Please do not assume like what you are watching TVB, KDRAMA, that it takes 16 episodes to take an badass down lol 😅. It was not the case in reality.
If on paper Swee Swee got the black and white in order, enough riaoz
Until the culprit accumulated so much wealth only the authority discovered. Mean Singapore system still got many loop holes. I would suggest penalized the respective parties who was involved with the respective back dated high value properties transactions.
Knowing it and getting the evidence to catch the culprit is 2 different things. Every systems there would be loop holes to be explored. This is because it involved many countries.
Innocent till proven guilty so you can't catch laundering parties just because they might have brought in illegal money. A lot of investigations, matter of when they get caught not if they are caught
You want to seize 100K or wait longer to seize 500billions?
And those doing the money laudering will be watching this Documentary with a big smile,coz this video just shows them how the authority tracks them down and catches them.
Now all they will do now is learn from it and improve their tactics for defeat the authority and be one step ahead of them.
:( true
Now when i see people driving nice cars like Rolls Royce in Singapore i will question myself are they in money laundering...
When you wanted to become an investigator but life makes you a journalist 🗿
RM one sentence ‘My client is paying your salary’ can KO KYC department . But I feel this $2 b case the water is very very deep let see how deep can our government dig. 😂
They are so not motivated to dig
Dig too deep later can resurface or not
Is how deep they “want” to dig. Don’t want to step on the big boys as well 😅
money laundering hub $$$$ world's best place to money launder whoop whoop
Yes yes how deep they want to dig also 😂 maybe cannot handle the ultimate big fish later
Still leaves more questions than answers
My impression is that nothing much is done unless information becomes publicly available (i.e, the breaking of the 1MBD scandal). I had cause to try to source information about a Singaporean private company online and had no success. I wanted to find out who the directors and shareholders were and location of the registered office. The company was involved in internet fraud using Facebook.
The pricing of the economy suffers with these dirty monies.
Housing properties prices are jacked up hence
11:50 english subtitles translate "over a thousand" to "over a th000" lol
My question is what about fake items, non consumable of course. Will they be sold or be destroyed?
The COO David Lim in the most famous case in An Xing scammed me earlier and made me look like the criminal
he stole cheques, SMS credits
If you eliminate dirty money in Singapore, the economy would collapse.
@@SohaiKia - a lot - that's why Singapore offer laundering services. But USA is #1 by far.
9:01 Sellng to high net worth PRC? According to the Chinese law, each person is only allow to wire US$50,000 per annuum. Having said that, big monies are moved illegitimately out of China e.g. through underground bankers in Macau. Isn't this controversial? The unreasonably tight laws in China make everthing appear illegal and their authority are enforcing it internationally.
The Tour was arranged by Fortune Tours and Travels in Kochi(Cochin) City, Kerala State, Republic of India
many many more cases lah, just never dig up only. what about the proceeds from the Golden Triangle ? Since SG ban Russia then why not ban the bank accounts of all those Myanmar generals ?
How about Taiwan President Chen Shui Bian? His money had also been transferred in and out Singapore Banking Systems before he got caught. Also Morgan Stanley Economists Andy Xie in-house memo incident let him booted out. 😂
How abt xi jinxing 😂
If the MAS was vigilant i wonder how this vould happen. If it was true this is a case linked to a VVIP family i hope there will be transparency. Otherwise they are arrested and we hear nothing more after that.
Singapore made great economic progress from 1965 to 2019.
But the economic model, who created this great economic progress, is now obsolete.
Singapore profited greatly from the waves of Chinese tourists from the mainland. In 2018, I spent one month in Australia. On my way back to Canada, I stopped in Singapore. I was shocked by the huge number of luxury shops with lines of Chinese waiting outside to come in!
The COVID pandemic put an end to this influx of money from China.
Singapore is a divided society, with 20% ultra-wealthy and 80% not-so-wealthy people. There is a housing crisis: not enough affordable housing and rampant housing speculation.
In the past months, Singapore has been rocked by cases of ministerial corruption, and money laundering!
There is something wrong in the state of Singapore !
You should tell this to the voters who support the whiter than white party
IMF has a set of rules for country tackling money washing which I believe countries should follow. Also IMF is the world body responsible. You folks have a just elected president who was once the Chairman of IMF.
Hdb goes above millions now..interesting
should interview that kelvin who decked himself out in "celine" clothings and AP watches
its quite bs, when the suspects had 100+ properties…which are easily suspicious and can be checked.
Canada should use some of these techniques to reduce money laundering in the country
I wonder where these seized monies go to? MOF?
Aric is good at acting blur lol
Zero corruption? Really? Let’s get real.
If a trust bought the property a trustee who initiated the transaction doesn't necessarily need to be related to the beneficiary. Looks like this is one of the major reasons why Western countries are having a housing affordability crisis.
Just imagine how many others all these years
Casino got more please
Tip of the ice berg.
Am curious. What does the Singapore government do with the confiscated money and assets of those criminals?🤔
Its indeed not a new things in Singapore. there is a lot dirty money from Indonesia pouring into singapore. All that come from corruption.
the comments section raises more relevant questions than the documentary, CNA being a mouthpiece, gain
Singapore 🇸🇬 should be more worried about China in the SCS than the Hamas-Israel conflict.
- The $2B Chinese money laundering case was another example.
Where's the 1st chang?
money laundering hub $$$$ world's best place to money launder whoop whoop
Ah there you are again, racist.
Who let them use the laundrymats in the first place? Don't pretend lah. Never arrest the laundromat operator?
Hey cna, the ic and dob wasn’t blurred out properly …
....one near foolproof anti-scam action is for the govt is to adopt and inform the public that all cool call from all govt agencies MUST BE FROM LAND LINE. The logic is why would the public servants of govt agencies MAKE OFFICIAL ADM/EFFORTMENT CALL from hand phone???
Happens everyday,
I worry the past SG gdp that escaped recession (consecutive 2 quarters of negative) was helped by Dirty Money washed in the mighty singapura😅
Money laundering is hard to fight.. with AI, it’s even more tougher. Honestly we can only do so much.
105 HIGH END Properties Bought since 2017
NO RED FLAGS ?
CPIB In DEEP SLUMBER for PAST 6 yrs ?
If you watched breaking bad... then you already know what money laundering is
How much money got siphoned from the 1MDB case until the Singapore authorities did actually intervene. If its enrich the Singaporean, then its ok as far as they were concerned.
I bet they inside people in local banks to help them then one day a whistleblower reported them.
So who gets the money from the auctions? Authorities? Someone's pocket?
The country’s reserve.
What if bad guys are ones buying back the acution items it means gov is rendering assistance to wash dirty money
Why chose Singapore? Obviously it is a tax haven with no scruple of accepting dirty money. The one and only matters is money pouring into the the city state to keep the status as financial hub. The legitimacy is secondary!
status ? it is a money laundering "hub" $$$$ that aligns itself with the West, think ownself superior in Asia, if so western wannabe just move the whole island to Europe!
First comment, I love Singapore ❤️ I felt at home!
PM Lee’s conflation of marital infidelity to corruption is a clever sleight of hand. He equated all of the PAP’s scandals - the Ridout Road conflict of interest, Iswaran’s alleged graft and Tan’s marital infidelity - with the Workers’ Party’s one scandal - an episode of marital infidelity that ended years ago. If Lee was already aware of Tan’s affair in 2020, why did he wait until February 2023 to have a ‘hard conversation’ with him?
I'm sure he knew about Iswaran's case as well. He didn't have a choice on that as reportedly, news broke out at the UK side.
LHL must have known about the Keppel corruption as well. Even my friend who worked in that case already knew there was some fishy corruption going on with the deal. They could not report it at all.
Welcome to Singapore, a legally corrupt country.
That's a really good question. It does seem strange that he waited so long to have a conversation with Tan about his infidelity. I'm not sure why he waited, but it does make me wonder if there was something else going on behind the scenes.
at least in SG they caught him, meanwhile in Indonesia the money launderer will be lobbying the politician to support them
oh no!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Dear CNA, it’s good to educate the public but why are you revealing your detection strategies to potential money launderers? This is akin to a quant hedge fund revealing its trading strategies or SG Govt revealing the exact criteria for citizenship.
A bit uncomfortable with the deep fingerprinting done by this "tech provider". Also the flags such as "Android emulator" and "More than two consecutive users" can easily raise false positives. Important to have a light touch with these operations.
Also worth noting that "smurfing" has meanings outside financial forensics, as in video games it refers to a high-skilled player playing on an alternate account with a lower skill-rating. In general it can be taken to mean "making oneself appear smaller than they really are".
this is a good lesson to the gahmen to scrutinise the foreigners who could invest heavily in Singapore like buying houses. and please don't give out PR and citizenship freely anymore
The e.g. where Huttons demonstrated AML check of their clients. the guy said they check for Politically Exposed Persons and US Sanctions list.
If only these 2 sources were being checked, it explains and infer we may have much more to dig 😂
Ya more important check is aml world check name hits, adverse news name check, STR name list etc..
Good reputation or haven lol yikes!
So is FTX case deemed as another category of money laundering scam?
Swiss standard means actually what ah?😅
Love you ride sir. Looks like an early Mercedes Benz. W108 or 109?
Pollutive Relic
Does NOT even Have Catalytic Converter, Causes more Global Warming than Modern cars with Fuel Injection n Catalytic Converters
wow the so called wine expert cannot even open a bottle without leaving some crook, sorry, cork...
Missing the casinos?
Is waran involved or not?
Ferrari can be a good washing machine now by accepting crypto.
I have been in Malaysia and Singapore this year (2023AD) July 27th (Thursday) to August1st (Tuesday)
Because behind have Singaporean people support
The money launderes all don't live in hdb, it is really irrelevant to most people but the very rich.
It is not irrelevant. When the push up prices of Condo's, pay unreasonable rent for offices or homes, pay silly amounts for watches and luxury bags that has an effect on everything else. Prices of everything goes up in tandem.
Canada please be all safe.
I have met far wiser vagabond monks living ascetically in rural areas who are better human beings than the shallow urban dwellers who are materialistically jet setting but spiritually lacking in finesse and form.
Laundromats to launder money.
Go do a investigation on PAP
Have Satosi Nakamoto aka Craig Wright put your economy on BSV, the real bitcoin to solve your problems.
The interviewer and interviewer are just reading text book qna about money laundering. Can just save time and google it😊
Whose hurt by money laundering?
The truth is PAP just wants money
hahahaha you want to trust a real estate broker who is on commission to 'verify' the source of the money he is going to get paid from? in which fantasy world would this work ...