A Singapore-registered company was charged in court on Tuesday, July 1, for its suspected involvement in money laundering activities.
The Singapore Police Force (SPF) revealed that the company's bank accounts were believed to be used to receive criminal proceeds arising from an alleged scam perpetuated against a foreign company.
The SPF said in a statement, "Between 8 and 14 September 2021, the Company received over S$571,000, of which a portion was subsequently transferred to foreign bank accounts."
"The Company was allegedly unable to account satisfactorily how it came by the property and will be charged for an offence of possessing property reasonably suspected to be benefits from criminal conduct under Section 47AA(1) of the CDSA (Cap 65A, 2000 Rev Ed)," added SPF.
A corporate entity found guilty of having property that could be reasonably suspected of being the proceeds of criminal activity faces a fine of up to S$300,000 under Section 47AA(2)(b) of the CDSA (Cap 65A, 2000 Rev Ed).
The police warned the public against receiving money from unidentified sources using their personal or business bank account or accounts.
They said that the SPF will not hold back from taking tough enforcement action against businesses that are set up for illicit activities, like laundering criminal proceeds, and against directors whose carelessness permits their businesses to be operated illegally. Such abuse affects Singapore's reputation as an international financial center and business hub.
