When news about the billion-dollar money laundering bust first broke, speculation was rife about how such a large sum of dirty money could have gone unnoticed for so long. Singapore is a washing machine, used to launder ill-gotten gains. Singapore caved to foreign powers! Then came the assertions that our authorities had swept these criminal activities under the rug, condoning such behaviour.
But these accusations levelled against Singapore obfuscates the simple fact that the bust demonstrates the robustness of Singapore’s anti-money laundering measures.
There has been much talk about how Singapore only moved at the behest of China when Chinese Foreign Minister Wang-Yi visited, because ten individuals were arrested a few days later. Rule number one on how Singapore works is that Singapore acts in Singapore’s interest – not for anyone else’s. Regardless of where the world tilts towards which superpower, we remain firm on our feet, guided by our true north of serving and protecting Singapore. There is no bowing down to any international pressure.
Secondly, unlike the magic of Hollywood blockbusters, an operation of this scale does not begin and end in the span of several days. It takes months, years even. The Police first began with disparate information on suspicious activities, and started investigations in 2021. In early 2022, Police launched a stealth intelligence probe that was ringfenced to a small group of officers. Like the fable of the hare and the tortoise – the Police’s steady pace gave room for them to dig deep before moving decisively, and eventually, win this race. Move too hastily and you risk jeopardising the entire operation. In fact, this billion dollar bust is likely one of the largest ever anti-money laundering operations not only in Singapore, but also the world. It might very well be a case study for the world to learn from, for many years to come.
Thirdly, Singapore has been accused of being too lax in our approach towards detecting white collar criminals. In our “rush” to attract wealth into Singapore, we failed to practice due diligence. In return, we become a haven for unscrupulous individuals. Fact is, we are able to remain economically relevant because of our
reputation as a clean, well-run financial hub where the rule of law prevails. There is no suka-suka. While we remain open to business, and endeavour to attract investments and talent – we do not protect criminals. We stand to gain nothing from harbouring such individuals, but we stand to lose everything if our reputation as a trust and honest broker is marred.
If you think about it – it is because of our reputation as a well-governed financial hub that these criminals attempted to use Singapore as their supposed ‘washing machine’. Good try folks, but in Singapore, your sins will find you out.
So is Singapore really a washing machine? Perhaps, yes.
But not so much about how it launders the dirty money clean – more of the washing machine that keeps the system clean, and throws the muck out of the bathwater.
Like with any of the past scandals – where the nation has had front row seats to – keeping mum would have been the easier way out. Draw a veil over; don’t ask, don’t tell.
But you know this is not characteristic of Singapore.
When something is not right, we will make it right. We do not conceal. It is in Singapore’s interest to weed out the fraudulent crime from the genuine deals, because we must maintain our hard-earned reputation as a trusted financial hub. This sector is part of our lifeblood and if anyone tries to meddle with it, you can bet that the authorities will come for you.
This unflinching commitment to keeping Singapore clean is here to stay. But to all ye nasty crooks – you gotta go.