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In early 2006, a number of Singaporeans received an online offer. They could earn thousands of dollars in commissions simply by receiving money and thereafter remitting it to countries like Russia and Latvia!
These Singaporeans were invited to apply online for employment as "transaction managers"; by a criminal syndicate which has falsely claimed to represent the Financial Investment Advisory Services (FIAS). FIAS, a bona fide organisation linked to the World Bank, advises developing country governments on how to attract and retain foreign direct investment, and to maximize their impact on poverty reduction.
To recruit unsuspecting victims, the criminal syndicate set up a "spoof" website, www.fias.sg, which looked like the bona fide FIAS website www.fias.net. At the spoof website, these Singaporeans were unwittingly recruited to launder money originating from frauds committed in Australia.
Upon recruitment, the Singaporean "transaction managers" were told by the syndicate to receive money from Australia via remittance companies such as Western Union, Travelex and MoneyGram. Thereafter, the "transaction managers" were told to remit the money to Russia or Latvia via telegraphic transfer through various banks.
By using different methods of money transfers (ie via remittance companies and telegraphic transfer), the criminal group attempted to disguise the source of funds and to make it difficult for enforcement agencies to detect and match the financial transactions. The criminals could also remain anonymous and distance themselves from the transactions, while the unsuspecting Singaporeans were moving money on their behalf. The Singaporean "transaction managers" could keep around 5% of the amount remitted as their commission. On average, the amount per remittance was about $5,000, which meant that the average commission was $250 for each transaction. As these Singaporeans were performing 3 to 4 transactions a week, they could earn up to $1,000 per week.
The money that was remitted to these Singaporean "transaction managers", was in fact the proceeds of a highly sophisticated internet scam in Australia. The victims were lured to spoof internet banking websites (which looked very much like the genuine websites). At these websites, they were requested to enter their User Identification and Password. With these, the syndicate could gain access to the bank accounts of victims and make unauthorized withdrawals.
While some of these Singaporeans may not have been specifically aware that the monies were stolen, others chose to turn a blind eye to the fact that there are suspicious circumstances surrounding the transfers. None of these Singaporean "transaction managers" were ever interviewed in person for the job. Neither were they ever asked to furnish the usual documents and information required in a normal job interview.
With the promise of easy money, no one asked why people with whom they had never met would want to entrust them with money. No one questioned the need for money to be transferred via Singapore (thereby incurring extra costs), instead of directly from Australia to Russia/Latvia. These circumstances are highly unusual and should have raised one's suspicion on the purpose for the transaction and the source of the money.
In this case, 13 Singaporeans assisted the syndicate to launder a total sum of $278,270.80. Commission totaling $42,378 has been recovered by CAD from them.
Under Section 44 and 47 of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act, Cap 65A, it is an offence to assist another to retain benefits from criminal conduct and to conceal or transfer benefits of criminal conduct. These provisions apply to accomplices of money laundering. The public is thus advised to be wary of job offers promising easy money, such as in this case, lest they be unwittingly used by anonymous criminal syndicates to launder money and be liable for prosecution under the law.
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