In Singapore’s largest money laundering case, authorities have now confiscated assets valued at S$2.4 billion ($1.76 billion). These assets comprise more than S$76 million in cash, 68 gold bars, cryptocurrencies exceeding S$38 million, over 110 properties, and 62 vehicles worth over S$1.2 million. Details regarding the recent seizures and their discovery have not been disclosed.
Last month, a coordinated anti-money laundering operation involving 400 police officers led to the arrest of 10 foreigners in Singapore. These individuals are suspected of laundering the proceeds from overseas organized criminal activities, such as scams and online gambling.
During the raids, authorities seized assets worth S$1 billion, including bank accounts, S$23 million in cash, luxury properties, cars, bags, watches, and two gold bars. The suspects held passports from various countries, including Cyprus, Cambodia, Dominica, China, Turkey, and Vanuatu.
The total seized amount was updated to S$1.8 billion in early September, as authorities traced assets held in Swiss banks. These significant confiscations have garnered attention in Singapore, a city known for its low crime rates, despite its attractiveness for investments and private wealth, particularly during the pandemic.
The latest data from the central bank indicates that total assets under management in Singapore increased by 16% in 2021, reaching S$5.4 trillion. This growth outpaced the global increase of 12%, which amounted to $112 trillion during the same year.
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