Capital Asia Investments directors arrested over suspected money laundering

The Police also seized more than $160m in assets, MAS said.

Two directors of Capital Asia Investments were arrested over suspected money laundering, the Monetary Authority of Singapore (MAS) said on Monday.

This comes after the conduct of enforcement operations on 5 March against the company following receipt of information about possible unlawful activities by the company.

MAS said its supervisory review found serios control failings in the company's compliance with the Authority's anti-money laundering requirements.

Additionally, the Police also received reports from the Suspicious Transaction Reporting Office on the company's alleged involvement in transnational money laundering networl.

In line with its investigations, the Police also seized more than $160m of assets in Capital Asia Investments’ bank and securities accounts.

The money laundering charge carries a maximum penalty of 10 years in prison and a fine of $500,000, whilst offences under the Financial Services and Markets Act carry a fine of $1m.

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