Singapore Police and StraitsX Collaborate to Combat Cryptocurrency Money Laundering

According to Foresight News, the Singapore Police Force, in collaboration with cryptocurrency platform StraitsX, conducted a joint enforcement operation from May 13 to 30 to tackle money laundering activities involving cryptocurrencies. During the operation, authorities seized over 200,000 Singapore dollars in cash, and 35 men and 14 women, aged between 18 and 58, are currently assisting with investigations. Preliminary investigations suggest that these individuals allegedly allowed others to use their cryptocurrency or Singpass accounts in exchange for payments ranging from 400 to 3,000 Singapore dollars. These accounts are suspected of being used for money laundering purposes. The police noted that most suspects were contacted by unknown individuals through Telegram or WhatsApp and provided their personal information as instructed. The police emphasized that partnering with StraitsX, a registered digital payment service provider, has been instrumental in utilizing technological solutions to detect suspicious accounts and take swift action. Under Singapore's Corruption, Drug Trafficking and Other Serious Crimes Act, assisting others in retaining criminal proceeds can result in a maximum penalty of three years' imprisonment, a fine of 50,000 Singapore dollars, or both. The police urged the public to refrain from lending their bank or cryptocurrency accounts to avoid involvement in criminal activities.