Singapore confiscates S$400,000 in criminal proceeds from Malaysian man

Diong did not make an accurate declaration of the money and was unable to provide a satisfactory account of its source

The cash was suspected to be unlawful proceeds and was subsequently seized for further investigations, police said.

CAD’s investigations later revealed that the cash was commission Diong had earned as a runner for illegal betting and unlicensed moneylending activities in Malaysia.

“Singapore takes a serious view of criminals attempting to move proceeds from unlawful activity through our jurisdiction,” said CAD director Peggy Pao.

“The forfeiture of the entire sum of cash in this case demonstrates our commitment to deprive criminals of their ill-gotten gains,” she said, adding that Singapore will not tolerate any transnational criminals or money laundering.

All travellers arriving and departing Singapore must declare the physical movement of any physical currency and bearer negotiable instruments exceeding S$20,000 or its equivalent in foreign currency into or out of Singapore.

If convicted for failing to report or accurately report the movement of currency or bearer negotiable instruments exceeding S$20,000, offenders face a fine of up to S$50,000 or up to three years’ jail or both.

A confiscation order may also be issued for any part of the cash relating to the offence.