Billion-dollar money laundering case: CEA investigating agents over property transactions - The Straits Times

SINGAPORE - The Council for Estate Agencies (CEA) is investigating property agents who might have facilitated property transactions relating to the recent money laundering case that involved about $1 billion in assets.

Those who fail to comply with anti-money laundering rules can face disciplinary action, said CEA, which regulates Singapore’s real estate agency industry.

Sources told The Straits Times that following the police blitz on Aug 15, at least two real estate agencies reported transactions or activities to the Suspicious Transaction Reporting Office (STRO) of the Commercial Affairs Department.

Police said they are unable to comment on the reports filed as investigations are ongoing.

At least 105 properties estimated to be worth $831 million have been issued with prohibition of disposal orders, police said last week.

These include seven detached bungalows at Sentosa Cove and 79 condominium units, 19 of which are under construction.

Another 19 commercial or industrial spaces were also issued with the prohibition of disposal orders.

The properties are owned by individuals under investigation. Some of the properties are owned by the spouses or companies linked to the suspects.

At least 10 foreigners have been arrested and charged in what has been one of Singapore’s largest anti-money laundering operations.

Police have seized about $1 billion in assets, including properties, vehicles, luxury goods and gold bars.

A CEA spokesman told ST that property agencies and property agents are required to conduct due diligence checks on their clients when they are engaged to facilitate property transactions.

“Agents are required to identify and verify the identity of their clients, as well as assess the risk of their clients being involved in money laundering activities,” said the spokesman.

CEA did not reply to queries about how many property agents might have facilitated the property transactions linked to the money laundering case.

In July 2023, a property agent pleaded guilty to failing to perform customer due diligence measures, which are required under Singapore’s laws against money laundering and financing of terrorism.

Adblock test (Why?)