- Singapore Police Seize $735 Million in Assets in Massive Anti-Money Laundering Probe
- Wide Range of Assets Confiscated, Including Gold Bars, Cash, and Luxury Properties
- Ten Arrested in Uncommonly Large Operation Targeting Money Laundering and Forged Documents
In one of its largest anti-money laundering investigations, Singaporean police have seized approximately S$1bn ($735m; £578m) in luxury homes, vehicles, and watches.
Gold bars, designer handbags, wine, and S$23 million in cash were seized during the investigations.
During the operation, police arrested ten individuals, all of whom possessed foreign passports.
In Singapore, which has one of the lowest crime rates in the world, raids of this magnitude are uncommon.
The Singapore Police Force stated on Tuesday that simultaneous searches were conducted throughout the city-state.
In addition, 50 vehicles and 94 properties, including homes in some of the country’s most desirable areas, were seized.
Ten individuals between the ages of 31 and 44 were arrested on suspicion of money laundering and forgery. According to the police, those detained possessed passports from China, Cambodia, Turkey, and Vanuatu.
According to the police, the group was “suspected of laundering the proceeds of crime from their overseas organized crime activities, including scams and online gambling.”
“We have zero tolerance for criminals using Singapore as a haven,” said David Chew, director of the Commercial Affairs Department of the Singapore police, which investigates white-collar crime.
“Our message to these perpetrators is straightforward: if we capture you, you will be arrested. If we discover your illicit profits, we will seize them. We will prosecute you to the utmost extent of the law,” he continued.
Twelve additional individuals are assisting with investigations, and eight others are currently on the police’s sought list.
The Monetary Authority of Singapore, the country’s central bank and financial regulator, stated that it had been in contact with financial institutions “where potentially tainted funds have been identified.”
It added that it would take “firm action” against institutions that did not comply with anti-money laundering regulations.
