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Singapore has announced that it expects more arrests and seizures as it investigates one of its largest cases of suspected money laundering, with the value of seized assets now totaling S$2.8 billion ($2 billion), as reported by Xinghui Kok for Reuters.
Simultaneous raids conducted in mid-August led to the arrest of 10 foreigners and the seizure of luxury properties, cars, gold bars, designer handbags, and jewelry worth S$1 billion.
Simultaneous raids conducted in mid-August led to the arrest of 10 foreigners and the seizure of luxury properties, cars, gold bars, designer handbags, and jewelry worth S$1 billion.
"This case serves as a reminder that even the most stringent preventive measures can be circumvented by determined criminals," stated Josephine Teo, the second minister for home affairs.
This case is casting a shadow over Singapore's $2 trillion financial sector, which also houses family offices, questionable property deals, and cryptocurrency operations.
Teo mentioned that authorities had confirmed the use of forged documents to justify the sources of funds back in 2021 and initiated an investigation early the following year.
A Singaporean inter-ministerial panel will review four key areas: preventing corporate structures from being abused, encouraging financial institutions to collaborate with each other and with authorities, enlisting third-party players such as real estate agents to guard against money laundering, and improving detection capabilities, as reported by Yi Wei Wong, Faris Mokhtar, Aradhana Aravindan, and Low De Wei for Bloomberg News.
"Singapore takes money laundering seriously," Teo emphasized. "We do not turn a blind eye to any risks, once we become aware of them."
She also denied that the investigation was prompted by China, stating, "Singapore does not need another country to tell us what to do to enforce our laws, nor will we do anything unless it is in our own interests."
