Billion-dollar money laundering case: President’s Challenge got S$350,000 in donations, ComChest received S$30,000

SINGAPORE: The President’s Challenge and Community Chest have collectively received donations of more than S$380,000 (US$279,000) from individuals with names similar to those who have been charged in the billion-dollar money laundering case.

Ten suspects were arrested in an islandwide anti-money laundering probe in August this year. The value of assets seized or frozen has since snowballed to over S$2.8 billion from the original S$1 billion.

Both charities did not name the suspects who had contributed the donations.

President’s Challenge has identified donations amounting to more than S$350,000 from individuals whose names are similar to those charged, the charity spokesperson said in a statement on Wednesday (Oct 11).

In a separate statement on Wednesday, Charmaine Leung, managing director of Community Chest, also said that the charity received S$30,000 in donations from people with similar names to suspects charged in court with money laundering offences.

Both charities said in their statements that they have filed police reports and suspicious transaction reports (STR).

They also said that donations that have been disbursed to benefiting agencies will not be affected.

Both charities added that they are working closely with the Commissioner of Charities to determine how to treat the donations.


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