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Eight men, aged between 29 and 57, are currently assisting with investigations for their suspected involvement in carrying out remittance businesses without valid licences issued by the Monetary Authority of Singapore.
On Sep 22, officers from the Commercial Affairs Department and the Central Police Division conducted a joint operation in Little India targeting unlicensed remittance business operators in Little India.
Cash amounting to about $47,000, handphones and remittance transaction records were seized.
The police will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance businesses, as they pose the risk of being conduits for money laundering and terrorist financing.
Members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent.
If convicted, they will face a fine of up to $100,000 and/or a jail term of up to two years.
In the case of a continuing offence, they will face a fine not exceeding $10,000 for each day the offence continues after conviction.