Police have seized about $1 billion in assets, including properties, vehicles, luxury goods and gold bars.
CEA did not reply to queries about how many property agents might have facilitated the property transactions linked to the money-laundering case. Property agencies must also implement internal policies, procedures and controls to prevent money laundering or financing of terrorism activities, CEA said.
Even rigorous checks may not surface anomalies, making it daunting for agents to discern suspicious clients on their own, said Mr Lim. But the complexities of the process cannot be understated, said Mr Lim. He noted the intricacies involved, especially when discerning the origin of a client’s funds.
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