DECENTRALIZED, HARD TO DETECT
According to attorney Adam Maniam, who appeared on the show, cases of money laundering are difficult to identify because they are” decentralized.”
According to Drew and Napier’s director of dispute resolution, whose training areas include murder and financial services legislation, the criminals won’t put all of their money in one location.
They won’t invest a billion money at once. They will disperse it among numerous people, travel to numerous states, and employ a variety of strategies to obtain the funds where they desire them to be, according to him.
Despite their best efforts, specific institutions like banks find it challenging to spot something wrong due to the large number of players involved, he claimed.
There may not be enough red flags to prevent a bank or other regulated entity from stating,” There’s everything wrong here, I should increase this to the government ,” because the ID checks out, the objective checks off, and everything seems good ,” he said, even if the deal is not reputable.
However, the issue arises when you combine this( transaction ) with another 30, or 40 transactions.
Soh Kee Hean, a former director of the Corrupt Practices Investigation Bureau( CPIB ) and an associate professor at the Singapore University of Social Sciences( SUSS ) who teaches criminal investigation, similarly stated that it is difficult to determine whether there were illegal transactions or transactions that may be connected to money laundering.
It’s like trying to find a knife in the meadow quite frequently. However, he claimed that it really requires the organizations, organizations, and everyone involved to exercise due diligence.
According to Assoc Prof. Soh, those who want to commit the crime will continue to come up with novel and inventive way to do it, which makes it more difficult to find money laundering.
He continued,” Law enforcement agencies must stay up and try to understand the various strategies.”
He claimed that in addition to examining the financial history of criminal activity, the awful players must also be examined.
Additionally, you should consider their actions, movements, and contact patterns. Understanding both the person’s activity and the movement of money is necessary to obtain a full picture. It is, of course, very difficult and difficult, he said.