Police Crackdown On Unlicensed Remittance Activities
16 men, aged between 30 and 54, are currently assisting in investigations for their suspected involvement in carrying on remittance businesses without valid licenses issued by the Monetary Authority of Singapore.
On 5 May 2019, officers from the Commercial Affairs Department (CAD) and the Central Police Division conducted a joint operation targeting illegal remittance business operators in Little India. During the operation, cash amounting to $34,000, handphones and remittance transaction records were seized.
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.
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.
Source: Singapore Police Force