The Police have successfully smashed 3 unlicensed remittance businesses operating along Syed Alwi Road in an operation against illegal remittance businesses.
On 27 January 2019, officers from the Commercial Affairs Department, Police Intelligence Department and the Central Police Division conducted a 6-hour joint operation against illegal remittance business operators in Little India. During the operation, 13 men, aged between 26 and 42, were rounded up to assist in into their suspected involvement in carrying out remittance businesses without a valid license issued by the Monetary Authority of Singapore. More than S$70,000 in cash, a laptop, several handphones, currency counting machines and remittance transaction records were seized as case exhibits.
Investigations are ongoing.
Any person convicted of operating a remittance business without a licence shall, upon conviction, 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.
SINGAPORE POLICE FORCE
28 January 2019 @ 6:20 PM