Total value of assets seized in money laundering case now more than $2.8 billion
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In Singapore’s largest-ever money laundering case, assets seized by the authorities have now reached a massive total of more than $2.8 billion. These include 152 properties, 62 vehicles, bank account deposits, cash, and cryptocurrencies amounting to more than $1.45 billion, $76 million, and $38 million respectively. Even luxury items like 68 gold bars, 294 luxury bags, 164 watches, and 546 pieces of jewellery have been taken into custody.
Josephine Teo, Singapore’s second minister for home affairs, revealed this in Parliament on Oct 3. The money laundering operation first came to light in mid-August and the current value is almost triple the initial estimate of $1 billion.
The 10 suspects were arrested in early 2022, after police launched an intelligence probe that was carried out in strict secrecy. Subsequently, Second Minister for Finance and National Development, Indranee Rajah, revealed in Parliament the establishment of an inter-ministerial committee to review and strengthen anti-money laundering regulations.
Rajah will chair this committee, with representatives from the Monetary Authority of Singapore, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower, and Ministry of Trade and Industry working together to focus on preventing corporate structures from being abused and enhancing financial institution’s controls, as well as disseminating money laundering information to corporate service providers and real estate agents. At the same time, the committee will seek to centralise and strengthen capabilities of government agencies to better detect suspicious activity.