By The Financial District
Sep 5, 20231 min
Ten foreigners accused of engaging in money laundering operations in Singapore were remanded in custody again on Wednesday, with new charges slapped on eight of them, as reported by Xinghui Kok for Reuters.
Authorities seized assets of more than S$1 billion ($739.64 million) in simultaneous raids two weeks ago, including gold bars, designer handbags, fistfuls of jewelry, and scores of properties and luxury cars.
Authorities seized assets of more than S$1 billion ($739.64 million) in simultaneous raids two weeks ago, including gold bars, designer handbags, fistfuls of jewelry, and scores of properties and luxury cars, in a haul that shocked the wealthy nation known for low crime rates but notorious for harboring dark money.
During the August 15 raid, 10 foreigners aged between 31 and 44 were arrested. They came from Cyprus, Cambodia, Dominica, China, Turkey, and Vanuatu.
Police have tied the seizures to overseas organized crime, including scams, remote gambling in the Philippines, and unlicensed money lending in China.
All 10 who appeared in court via video link on Wednesday were denied bail and remanded until September 6, with eight facing fresh charges. These included having millions in bank accounts and safe deposit boxes, cryptocurrency, and cars as "benefits from criminal conduct."