Singapore police joined forces with encryption platforms to combat Money Laundering activities, with 49 individuals suspected of lending their accounts and Singapore identification.
CoinVoice has recently learned from the United Morning Post that the Singapore Police Force reported that its Anti-Fraud Command collaborated with the Crypto Assets platform StraitsX to conduct law enforcement operations from May 13 to 30 to combat Money Laundering activities using Crypto Assets. During the operation, the police seized over 200,000 Singapore dollars in cash, and 35 men and 14 women are assisting with the investigation, aged between 18 and 58.
Preliminary investigations show that these individuals are suspected of allowing others to use the Crypto Assets accounts or Singpass accounts they opened, in exchange for rewards ranging from 400 to 3000 yuan, and the related accounts are suspected to be used for Money Laundering. The police pointed out that most suspects contacted unknown individuals via Telegram or WhatsApp and provided personal information as instructed.
The police emphasized that collaborating with StraitsX, which is registered as a legitimate digital payment provider, helps utilize technological solutions to detect suspicious accounts and take swift action. Under Singapore’s Corruption, Drug Trafficking and Serious Crimes Act, assisting others in retaining criminal proceeds can result in a maximum of three years imprisonment or a fine of up to 50,000, or both. The police urge the public to refuse to lend their bank or Crypto Assets accounts to avoid being involved in cases.
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Singapore police joined forces with encryption platforms to combat Money Laundering activities, with 49 individuals suspected of lending their accounts and Singapore identification.
CoinVoice has recently learned from the United Morning Post that the Singapore Police Force reported that its Anti-Fraud Command collaborated with the Crypto Assets platform StraitsX to conduct law enforcement operations from May 13 to 30 to combat Money Laundering activities using Crypto Assets. During the operation, the police seized over 200,000 Singapore dollars in cash, and 35 men and 14 women are assisting with the investigation, aged between 18 and 58.
Preliminary investigations show that these individuals are suspected of allowing others to use the Crypto Assets accounts or Singpass accounts they opened, in exchange for rewards ranging from 400 to 3000 yuan, and the related accounts are suspected to be used for Money Laundering. The police pointed out that most suspects contacted unknown individuals via Telegram or WhatsApp and provided personal information as instructed.
The police emphasized that collaborating with StraitsX, which is registered as a legitimate digital payment provider, helps utilize technological solutions to detect suspicious accounts and take swift action. Under Singapore’s Corruption, Drug Trafficking and Serious Crimes Act, assisting others in retaining criminal proceeds can result in a maximum of three years imprisonment or a fine of up to 50,000, or both. The police urge the public to refuse to lend their bank or Crypto Assets accounts to avoid being involved in cases.