Anti-money laundering bust may be ‘tip of iceberg’ - Forvis Mazars

Athreya H. D., partner for financial services consulting at Mazars in Singapore, said the crackdown could be just the “tip of the iceberg”.

Questions remain, he added, about how the group managed to set up their operations in Singapore and carry out so many transactions.

“Financial crime has been evolving. These criminals are using sophisticated networks and innovative technologies, trying to always one-up the system,” he said.

He added that there could be further scope for more public and private collaboration with companies such as jewellery or luxury goods retailers, to flag suspicious transactions.

“Especially if (transactions are) done in purely cash, that needs to probably be scrutinised further to understand what were the source of funds and why is it that these transactions are being done in cash and not electronically,” he said.

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