The suspects are believed to be involved in more than 1,600 cases of scams, comprising mainly investment scams, internet love scams, job scams, friend impersonation scams, and e-commerce scams, where victims reportedly lost over SGD 9 million.
Tag: Money Laundering
Singapore: MAS to bolster defence against money laundering and terrorism financing with COSMIC platform
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.