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Category: Singapore

December 10, 2024

Singapore Authorities Clarify Non-Arrest of Alleged Chinese Money Launderer

In a strange money laundering case, the Singapore police stated they did not arrest Chinese national Yan Zhenxing despite an Interpol Red Notice and his recent detention in Indonesia for alleged money laundering and involvement in a criminal gang. The explanation highlights gaps in international cooperation and the challenges of balancing legal frameworks with global enforcement.

November 19, 2024

Singapore Closes Cases in Billion-Dollar Money Laundering Scandal After Massive Asset Surrender

Singapore wraps up investigations against 15 individuals implicated in its largest-ever money laundering case. Assets worth S$1.85 billion have been surrendered, representing 98.6% of the total seized. Their cases are closed, SPF added, while investigations continue for the two remaining suspects, whose assets — totaling S$144.9 million — remain under restriction orders.

August 27, 2024

Dutch Mastermind of Crypto Ponzi Scheme Sentenced in Singapore.

Yang Bin admitted to incorporating and running a company that purportedly owned 300,000 machines that could mine cryptocurrency and generate enough revenue to give investors daily returns of 0.5%. The leader behind a multi-million-dollar crypto Ponzi scheme has been sentenced to six years in prison and fined S$16,000 in Singapore. Forbes listed Yang as the second-richest man in China in 2001.

June 21, 2024

Singapore Identifies Banking Sector as Top Money Laundering Risk

The Monetary Authority of Singapore (MAS) has pinpointed the banking sector as the primary conduit for money laundering (ML) risks in the country. This revelation comes from the Money Laundering National Risk Assessment report released on Thursday, June 20. Most recently, Singapore had a $3 billion money laundering scandal involving China, where 10 people were sentenced to prison and fines. Money laundering is a huge issue for the island country and city-state.

June 11, 2024

Last of 10 Singapore Money Launderers Jailed: Questions of Justice and Oversight

In a case that has riveted the international community and tested the mettle of Singapore’s legal system, Su Jianfeng, the last member of a notorious group of money launderers, has been sentenced to 17 months in jail. This marks the culmination of a sprawling investigation involving hundreds of officers and the seizure of over SGD 1 billion in assets. This was the biggest money laundering case in Singapore so far.

Investor Briefing: Crypto Custodian BitGo Contemplates Late 2025 IPO Amid Industry Shift!

Cryptocurrency custodian BitGo is exploring an initial public offering (IPO) potentially slated for the second half of 2025, signaling a significant move in the evolving digital asset landscape. This development comes as the crypto industry experiences a surge in public listing interest, driven by favorable market conditions and regulatory optimism.

Goldman Sachs Scraps Diversity Mandate: The Highly Appreciated End of Corporate Wokeness?

Goldman Sachs has quietly reversed its diversity mandate, which required companies seeking to go public with the bank’s assistance to have at least one diverse board member. The decision signals a shift in corporate governance strategy and aligns with a broader pushback against ESG and diversity-focused policies under what is increasingly being called the "Second Trump Era."

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SEC and Binance Agree to 60-Day Pause in Landmark Crypto Case: Industry Watches for Regulatory Shift

The U.S. Securities and Exchange Commission (SEC) and Binance have jointly filed a motion to pause their ongoing lawsuit for 60 days, marking a significant development in the high-profile case against the world's largest cryptocurrency exchange.It is undeniable that a new spirit has entered the US crypto scene since Trump took office.

SEC X Account Hack: Alabama Man Pleads Guilty!

Eric Council Jr., a 25-year-old from Alabama, has pleaded guilty to his role in the January 2024 hacking of the SEC’s X account, which led to a fake BTC ETF approval announcement. The false post briefly spiked Bitcoin’s price by over $1,000 before the SEC regained control and corrected the information. The hack was executed via a SIM swap scheme, and Council received Bitcoin payments for his role.

Phobos Ransomware Affiliates Arrested in Global Crackdown!

The U.S. DOJ has unsealed charges against Russian cybercriminals Roman Berezhnoy and Egor Nikolaevich Glebov, key figures behind the Phobos ransomware group, which extorted over $16 million from more than 1,000 victims worldwide. Their arrests were part of a coordinated international operation, including the takedown of 100+ servers used by the ransomware network.