Over $25 million seized by Police with help from banks and casinos
Over $25 million has been seized by the Commercial Affairs Department (CAD) after efforts and support from major Singapore banks and casinos helped investigations into crimes including money laundering and terrorism financing.
At a commendation ceremony held at the Police Cantonment Complex yesterday, the CAD awarded DBS Bank, OCBC Bank and United Overseas Bank, and two casinos at Resorts World Sentosa and Marina Bay Sands appreciation plaques.
Police said in a press release yesterday that last year, the Suspicious Transaction Reporting Office received 32,660 suspicious transaction reports (STRs), 383,769 cash transaction reports and 78,822 cash movement reports.
They added: "The banking sector contributed 50 per cent of the STRs filed and a significant percentage of these reports was contributed by the three local banks.
"The two casinos contributed about 20 per cent of the total STRs filed."
The Suspicious Transaction Reporting Office receives, analyses and disseminates financial intelligence. It also cooperates with foreign counterparts to exchange information.
Besides money laundering and terrorism financing, the offences investigated also included evasion of taxes, cheating and criminal breach of trust.
Those convicted have been sentenced to imprisonment ranging from six weeks to nine years and six months or have been ordered to pay taxes, penalties and fines of more than $2 million.
Police also stressed that any individual or organisation who knows of or has reasonable grounds to suspect that any property is being used for such illegal activity should disclose the information to the authorities as soon as possible.