Singapore’s $27M Money Laundering Penalties Expose Critical Failures in Banking Safeguards
Summary The Monetary Authority of Singapore (MAS) has levied SGD 27.4 million in civil penalties against nine financial institutions, including major banks Credit Suisse, UOB and UBS, following the discovery of a SGD 3 billion money laundering operation. The case revealed sophisticated laundering methods utilizing corporate structures, precious metals, property, and cryptocurrency, while exposing fundamental […]
Australia Launches Specialist Police Unit to Combat Trade-Based Money Laundering
Summary Australia has established a new specialist police unit to tackle trade-based money laundering and illicit money flows, particularly targeting criminal syndicates exploiting the financial system. The unit, announced by Home Affairs Minister Clare O’Neil, will focus on investigating complex financial crimes and strengthening Australia’s defenses against sophisticated money laundering schemes. Analysis The creation of […]