The Monetary Authority of Singapore (MAS) and the Singapore Police Force jointly conducted enforcement operations against Capital Asia Investments Pte Ltd and its directors in relation to suspected money laundering under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 and suspected failure to comply with obligations as a licensed capital markets services licence holder under the Financial Services and Markets Act 2022. As part of the operation, Police seized more than SGD 160 million from the firm’s bank and securities accounts and arrested two directors. MAS had been reviewing the firm after receiving information about possible unlawful activities and found serious control failings in its compliance with MAS anti-money laundering requirements. Police investigations were prompted by financial intelligence from the Suspicious Transaction Reporting Office alleging the firm and related entities were involved in a transnational money laundering network, with proceeds of crime allegedly derived from overseas organised crime activities including scams, and foreign counterparts were engaged for information and assistance. Investigations are ongoing; the money laundering offence is punishable by up to 10 years’ imprisonment and/or a fine of up to SGD 500,000, and offences under the Financial Services and Markets Act 2022 can attract fines of up to SGD 1 million with further fines for continuing offences.

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