Singapore cracks down money laundering case worth over 1.76 billion USD

September 25, 2023 | 15:45

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Singaporean media on September 20 reported local police have seized or frozen more than 1.76 billion USD worth of assets in one of the biggest money laundering cases ever uncovered in the city-state.

Singapore cracks down money laundering case worth over 1.76 billion USD | World | Vietnam+ (VietnamPlus)

Vehicles that Singaporean police seize in raids against a suspected international money laundering ring last month. (Photo source: SDF)

Hanoi – Singaporean media on September 20 reported local police have seized or frozen more than 1.76 billion USD worth of assets in one of the biggest money laundering cases ever uncovered in the city-state.

In sweeping raids against a suspected international money laundering ring last month, Singaporean authorities seized assets worth nearly 750 million USD including bank accounts, cash, real estate, vehicles, and luxury goods. Police also arrested 10 foreign nationals who are members of a group suspected to be laundering proceeds from overseas criminal activity including scams and online gambling.

Police on September 20 confirmed that they conducted additional operations and seized additional assets, bringing the total amount involved to more than 2.4 billion Singaporean dollars (1.76 billion USD).

The seized assets now includes bank accounts containing an estimated value of over 828 million USD, more than 55.8 million USD in cash, 68 gold bars, 294 luxury bags, and 164 luxury watches, jewelry, and electronic devices.

More than 110 properties and 62 vehicles with a total estimated value of over 900 million USD are frozen.

Singapore - a global financial hub - has strict laws against laundering illicit funds, with the highest punishment of up to 10 years in jail.

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