Singapore's Money Laundering Seizures Rise To S$2.4 Billion

Singapore's money laundering case grows to S$2.4 billion ($1.76 billion), highlighting challenges for global finance hubs.

$1.76 Billion Money Laundering in Singapore.

Singapore's unprecedented money laundering investigation has seen a remarkable uptick in confiscated assets, with the police announcing a figure of S$2.4 billion ($1.76 billion) seized. As the net tightens, assets now include over S$76 million in cash, 68 gold bars, cryptocurrencies worthy approximately S$38 million, an impressive portfolio of 110+ properties, and a fleet of 62 vehicles worth more than S$1.2 million.

Seized assets in Singapore
Seized assets in Singapore (Photo: Singapore Police Force)

Coordinated Operation

Last month's meticulously-coordinated operation involved 400 police officers storming multiple locations across the city-state. This led to the arrest of 10 foreign nationals, allegedly instrumental in a vast web of overseas financial crimes, spanning scams to online gambling.

From this operation, initial confiscations included a staggering S$1 billion in diverse assets, ranging from cash, luxury real estate, and top-tier vehicles, to exclusive items such as designer accessories and timepieces. The international scope of the operation was further highlighted by the possession of varied passports among the detainees, hailing from countries as diverse as Cyprus and China.

Following deeper investigation, the seizure value was later updated to S$1.8 billion, after unearthing assets hidden in Swiss financial institutions.

Singapore In The Spotlight

The sheer scale of the case has become the focal point of discussions in Singapore's financial districts. Despite the city-state's global reputation as an investment magnet, especially post-pandemic, it's also recognized for its stringent regulatory framework and low crime rates.

Singapore Skyline

Reflecting the nation's robust financial health, recent data from the central bank detailed a 16% surge in managed assets in 2021, which now total an impressive S$5.4 trillion. Notably, this domestic growth trajectory surpassed global trends, which marked a 12% uptick, tallying at $112 trillion within the same period.

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