Assets seized in Singapore money laundering case now at S$2.8 bln
SINGAPORE, Oct 3 (Bernama) -- The total value of assets seized or issued with prohibition of disposal orders by the Singapore Police Force (SPF) related to the recent money laundering case now stands at more than S$2.8 billion (US$1=S$ 1.375).
The latest figures were revealed by Second Minister for Home Affairs Josephine Teo in her ministerial statement on Singapore’s Anti-Money Laundering Regime at Parliament on Tuesday.
On Sept 20, 2023, the SPF updated that the total value of assets seized or issued with prohibition of disposal orders stood at more than S$2.4 billion.
“Since then, police have conducted further operations and investigations,” she said.
Teo said the prohibition of disposal orders was issued against 152 properties and 62 vehicles with a total estimated value of more than S$1.24 billion, as well as thousands of bottles of liquor and wine.
Others include seizures of monies in bank accounts amounting to more than S$1.45 billion, cash (including foreign currencies) amounting to more than S$76 million, cryptocurrencies of more than S$38 million, 68 gold bars, 294 luxury bags, 164 luxury watches and 546 pieces of jewellery.
“Police investigations are still ongoing. There may be more arrests and assets to be seized,” she said.
According to Teo, more than 400 police officers had conducted simultaneous raids at multiple locations on Aug 15.
Ten individuals were arrested and charged for offences, including laundering proceeds from overseas criminal activities, and their assets in Singapore were seized.
“This is one of Singapore’s largest anti-money laundering operations,” she said.
Teo received many parliamentary questions that centred on the effectiveness of Singapore’s existing measures to detect and counter money laundering activities; and whether additional measures are needed to curb such activities.
Giving the facts of the case, she said the proceeds likely came from criminal activities that took place outside of Singapore, including “illegal online gambling and unlicensed money lending”.
In addition to money laundering, she said some of the accused had been charged with forgery.
“Two of the 10 suspects have been charged with additional offences of resisting arrest and perverting the course of justice.
“Many others, not arrested, are assisting with the investigations. Yet others are wanted by police for investigation but are not in Singapore.”
Teo added that “this case is one of the largest anti-money laundering operations not just in Singapore, but likely in the world”.
“We have probed extensively to uncover the linkages. We were comprehensive in our actions and operations.
“We will not hesitate to take enforcement action against people who use Singapore as a haven to launder the proceeds of crime. We will deal with them and their ill-gotten gains to the fullest extent of our laws.”
Giving a brief background on the case, she said in 2021, the republic’s anti-money laundering regime had picked up a few signals, including the use of suspected forged documents to substantiate sources of funds in bank accounts in Singapore.
“Some Suspicious Transaction Reports were filed by financial institutions and other companies. Police began looking separately into these alerts.”
In early 2022, Teo said the police launched a comprehensive, coordinated intelligence investigation.
“The probe uncovered a group of individuals believed to have connections among themselves, including familial ties.”
-- BERNAMA
