On 19 November 2019, officers from the Commercial Affairs Department and the Tanglin Police Division conducted a joint operation at Peninsula Plaza against unlicensed remittance and money-changing business activities.
A 38-year-old man and a 36-year-old woman are assisting in police investigations for their suspected involvement in conducting a remittance and money-changing business without a valid licence issued by the Monetary Authority of Singapore. During the raid, cash amounting to about S$40,000 and related paraphernalia were also seized.
The Police will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance and money-changing businesses, as they may be 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.
Related paraphernalia seized during the raid
SINGAPORE POLICE FORCE
20 November 2019 @ 9:18 PM