Singaporean authorities have taken unprecedented action in what is being described as one of the most significant money laundering cases ever uncovered in the city-state. Reports from local media on Wednesday revealed that over $1.76 billion worth of assets have been seized or frozen as part of this extensive operation.
The crackdown began with sweeping raids against an international money laundering syndicate suspected of laundering proceeds from criminal activities, including scams and online gambling. Ten foreign nationals from various countries, including China, Turkey, Cambodia, Cyprus, and Vanuatu, were arrested during these operations.
The seized assets encompass a wide range of holdings, including bank accounts, cash, and documents containing information about virtual assets. Additionally, valuable items such as properties, vehicles, luxury bags, and watches were confiscated during these raids.
Updates on Wednesday revealed that further operations had been conducted, leading to the seizure of more assets. The total amount involved now exceeds Sg$2.4 billion ($1.76 billion). Among these assets are bank accounts with an estimated value of over Sg$1.127 billion ($828 million) and more than $55.8 million in cash.
The extensive list of confiscated assets also includes 68 gold bars, 294 luxury bags, 164 luxury watches, various items of jewelry, and electronic devices, as reported by local broadcaster CNA.
In addition to these seizures, more than 110 properties and 62 vehicles, with an estimated combined value exceeding Sg$1.242 billion, have been placed under prohibition of disposal orders. This means they cannot be sold or transferred until further investigation and legal proceedings take place.
Singapore, being a prominent global financial center, has stringent laws in place to combat money laundering, and those found guilty of such activities can face sentences of up to 10 years in prison. The recent actions by Singaporean authorities underscore the country’s commitment to upholding the integrity of its financial system and preventing the illicit flow of funds through its institutions.