Friday, July 19, 2024

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The current amount of assets seized in a money laundering case in Singapore is now $2 billion.


According to a government official, the total value of assets confiscated in a significant money laundering investigation in Singapore has now reached S$2.8 billion ($2 billion). The minister also mentioned the potential for additional arrests and seizures in the ongoing case.

During a speech to legislators, Josephine Teo, the Second Minister for Home Affairs, stated that this was one of the biggest anti-money laundering operations in the country and has been under police surveillance since 2021 when financial institutions reported suspicious transactions.

Ms. Teo stated that their team initiated an inquiry after suspecting potential wrongdoing in Singapore. Upon verifying their suspicions, they took action.

During coordinated operations in the middle of August, officials confiscated gold bars, high-end handbags, and large quantities of jewelry, along with numerous properties and expensive cars, in a surprising bust that rattled the affluent country known for its low crime rates.

According to Ms. Teo, the allegations that the operation was carried out due to pressure from Chinese authorities are false.