Agent allegedly ignored red flags involving an illegal gambling operator
A real estate agent in Singapore is set to face charges for failing to report a suspicious property transaction, despite being informed that his client operated illegal gambling dens in Geylang. The 42-year-old agent will be charged on Wednesday (Oct 20), according to the Singapore Police Force (SPF).
Suspicious Transaction Details
The incident began in August last year when a complaint was lodged with the police. The complaint involved the rescission of an Option to Purchase for a private property, as the buyer was an undischarged bankrupt and the co-buyer was under the legal age of 21.
The agent, representing the buyer, was informed that the S$44,300 booking fee for the property would be paid entirely in cash due to the buyer’s lack of a bank account. The agent accepted S$11,000 on the spot and collected the remaining S$32,300 the following day at the buyer’s home, storing the money in a plastic bag.
Later, the agent photographed the cash-filled bag and shared the image with a colleague, captioning it with a Mandarin phrase that loosely translates to “shady.” He subsequently deposited the cash into his own account and issued a cheque to the property developer.
Alleged Negligence
A few days after the transaction, the buyer’s ex-wife informed the agent of the buyer’s bankruptcy and involvement in illegal gambling operations. She also requested that the property purchase be voided and the money returned.
Despite these revelations and his suspicions, the agent reportedly failed to file a Suspicious Transaction Report (STR), which is mandatory under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
Legal Implications
Under the Act, individuals must report any reasonable suspicion that a property transaction may involve criminal proceeds or be linked to criminal activity. Failure to do so carries penalties of up to three years’ imprisonment, a fine of up to S$250,000, or both.
SPF emphasised the importance of the suspicious transaction reporting system in Singapore’s anti-money laundering and counter-terrorism financing framework. Authorities urged vigilance among reporting entities to ensure prompt detection and reporting of suspicious transactions.
This case underscores the critical role that professionals in regulated industries play in upholding the integrity of Singapore’s financial and property sectors.
