According to Lianhe Zaobao, the Singapore Police Force reported that its Anti-Fraud Command Office and cryptocurrency platform StraitsX jointly launched an enforcement operation from May 13 to 30 to crack down on money laundering using cryptocurrencies. Police seized more than S$200,000 in cash during the operation, and 35 men and 14 women, aged between 18 and 58, are assisting in the investigation. Preliminary investigations revealed that the individuals were suspected of having their cryptocurrency accounts or Singpass accounts used by others to earn between $400 and $3,000, and that the accounts were suspected to have been used for money laundering. Under Singapore's Corruption, Drug Trafficking and Serious Crimes Act, assisting others to retain proceeds of crime is punishable by up to three years' imprisonment or a fine of $50,000, or both. Police are appealing to the public to refuse to lend bank or cryptocurrency accounts to avoid being implicated.
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The Singapore police joined forces with a Crypto Assets platform to combat Money Laundering activities.
According to Lianhe Zaobao, the Singapore Police Force reported that its Anti-Fraud Command Office and cryptocurrency platform StraitsX jointly launched an enforcement operation from May 13 to 30 to crack down on money laundering using cryptocurrencies. Police seized more than S$200,000 in cash during the operation, and 35 men and 14 women, aged between 18 and 58, are assisting in the investigation. Preliminary investigations revealed that the individuals were suspected of having their cryptocurrency accounts or Singpass accounts used by others to earn between $400 and $3,000, and that the accounts were suspected to have been used for money laundering. Under Singapore's Corruption, Drug Trafficking and Serious Crimes Act, assisting others to retain proceeds of crime is punishable by up to three years' imprisonment or a fine of $50,000, or both. Police are appealing to the public to refuse to lend bank or cryptocurrency accounts to avoid being implicated.