12 Malaysians arrested for money laundering through Singapore bank accounts

Singapore police said they will continue to work closely with their Malaysian counterparts to track down and deter transnational syndicates. (AP photo)

SINGAPORE: Twelve Malaysians have been arrested on suspicion of involvement in money laundering through Singaporean bank accounts, following a joint operation by Malaysian and Singaporean police at two locations in Johor.

Singapore police said yesterday that a 22-year-old Malaysian has been extradited to the republic, following a raid conducted by the Commercial Affairs Department (CAD) and the Johor Commercial Crime Investigation Department (CCID) on August 9.

“A money laundering cell operating in Johor was identified through lengthy investigation and evidence collection.

“The suspect is suspected of bringing foreigners into Singapore to open bank accounts to facilitate money laundering activities related to fraud,” a statement said.

The Straits Times reported that the suspect, Besmond Huan, was arraigned in court today.

He is alleged to have conspired with an accomplice, Tan Kang Yung, and others to obtain usernames and passwords of bank accounts in Singapore.

Huan is currently in pretrial detention and his case is set to be heard on August 23. If found guilty, he faces a fine and up to three years in prison.

CAD director David Chew said Singapore police will continue to work closely with their Malaysian counterparts to track down and deter transnational gangs that use the internet to commit crimes and launder money.

“Scams remain a concern. This syndicate, allegedly involved in providing Singapore bank accounts for use by the money laundering unit, was a key player in the illicit movement of funds derived from scams.

“These accounts were used to launder the proceeds of various fraud schemes through Singapore’s financial system,” he said.

Chew thanked Johor Police Chief M Kumar and the officers of the Johor CCID for their support and dedication in tackling transnational criminal gangs.