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Thursday, August 13th, 2020

Eight Men Investigated For Unlicensed Remittance Activities

by September 24, 2019 General

On 22 September 2019, officers from the Commercial Affairs Department and the Central Police Division conducted a joint operation in Little India targeting unlicensed remittance business operators in Little India.

Eight men, aged between 29 and 57, are currently assisting with investigations for their suspected involvement in carrying out remittance businesses without valid licences issued by the Monetary Authority of Singapore. Cash amounting to about $47,000, handphones and remittance transaction records were seized.

The Police will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance businesses, as they pose the risk of being conduits for money laundering and terrorist financing. Members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent.

Any person convicted for operating a remittance business without a licence shall be punished with a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a fine not exceeding $10,000 for every day during which the offence continues after conviction.

Source: Singapore Police Force