S$2.8 Billion Money Laundering Case: Suspects Not on Interpol Red Notice, Says MHA

In response to inquiries about Singapore’s ongoing S$2.8 billion money laundering investigation, Second Minister for Home Affairs Josephine Teo emphasized that any individual found complicit in this case will face consequences under the law, regardless of citizenship or immigration status.

The case, which resulted in the arrest of nine men and one woman aged between 31 and 44, targeted a transnational money laundering network operating within Singapore. Teo disclosed that the suspects held employment and dependent passes and were not listed on Interpol’s Red Notice at the time they entered Singapore.

Teo stated that the Singapore Police Force has expanded its efforts, casting “a much wider net” to investigate others potentially involved, including Singaporeans, permanent residents, and individuals holding various types of immigration passes. She reinforced, “Anyone found complicit will be dealt with according to the law.”

Explaining the process of work pass and immigration application screening, Teo mentioned that applicants are cross-referenced against a blacklist, while data analytics help identify high-risk cases. Although Singapore collaborates with foreign agencies to verify applications when suspicions arise, she noted that it’s impractical to conduct extensive checks on every application due to high volumes.

“No screening process is foolproof,” Teo acknowledged, adding that efforts are underway to further strengthen verification measures without compromising Singapore’s business environment. She cautioned against overly restrictive regulations, as this could inadvertently impact innocent applicants. “Our focus should be on applying internationally accepted rules that reduce risks while maintaining a business-friendly atmosphere,” she explained.

Teo’s remarks underscore Singapore’s commitment to upholding the law and minimizing financial crime, while ensuring that the majority of legitimate applicants and transactions remain unaffected.