WHY IS EVERYONE SO SURPRISED THAT SIX FAMILY OFFICES WERE USED TO LAUNDER TWO BILLION IN SINGAPORE?

Money launderers alway seek out entities and industries that are known to be low-risk, because they know that busy compliance officers generally ignore them. Laundrymen are always brainstorming when not actually moving & cleaning the proceeds of crime, seeking out what we call Targets of Opportunity. Did those six Family Offices in Singapore that were used to move illegal Chinese gambling profits even have full-time, trained & experienced compliance officers? I seriously doubt it, and allowing obviously Mainland Chinese, using CBI passports from St. Kitts and Cambodia as identification, to move cash through the Family Offices' accounts? Give me a break; that's compliance malpractice ! Obviously, the FO compliance officers don't read global media, or they would have known about dodgy St. Kitts CBI passports. It's not just the laundrymen who should have drawn prison sentences, and deportation, but the FO officers as well; Blooming greedy idiots.

A good compliance officer is always trolling through the low-risk client base, looking for any and all transactions that are inconsistent with the client's trade or business. He or she should recognize such unusual activity at once, and initiate enhanced due diligence forthwith. And look, these FOs actually got big tax breaks, to encourage them to move their business into Singapore's financial structure. See the results, a full-blown money laundering nightmare. Pay attention, people.