Billion-dollar Money Laundering Case Embroils Some Of Singapore’s Banking Giants

Low De Wei, Chanyaporn Chanjaroen, and Alfred Cang / Bloomberg, Time
Wed, 08/30/2023 - 12:15am

Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state’s largest money laundering cases. DBS Group Holdings Ltd, the country’s largest bank, and Bank of Singapore Ltd., the private-banking arm of Oversea-Chinese Banking Corp., are both creditors to investment firms linked to individuals arrested and charged earlier this month in a case involving over S$1 billion ($740 million) of assets, according to business filings seen by Bloomberg News.

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