Singapore’s massive anti-money laundering operation: Cash, assets worth $700mn seized, 10 arrested
Image issued by Singapore Police Force (SPF)
Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million.
South China Morning Post (SCMP) reported that Singapore Police Force (SPF) arrested 10 foreign nationals, including three Chinese, in the crackdown and seized cash, prime properties, luxury cars and other valuable assets.
The authorities said Wednesday it was a well-coordinated operation involving several agencies and more than 400 personnel, including those from the Criminal Investigation Department, Commercial Affairs Department (CAD), Special Operations Command or riot police, and Police Intelligence Department.
What are the allegations against those arrested?
According to the authorities, the group is allegedly involved in laundering money earned through criminal activities overseas, such as scams and online gambling.
Police said another 12 are assisting the investigations while eight people were put on the most-wanted list and are currently on the run.
The police identified them through extensive investigations, including the analysis of suspicious transaction reports (STRs) made by financial institutions about suspicious activity, as reported by Strait Times.
Police in action mode
The police have issued a prohibition of disposal orders for 94 properties and 50 vehicles, collectively valued at over S$815 million, along with various ornaments, bottles of liquor, and wine.
These orders prohibit the suspects from selling the mentioned properties and vehicles as the police open an investigation.
In addition, the police have seized over 35 associated bank accounts, holding an estimated total balance exceeding S$110 million, to aid investigations and prevent the transfer of suspected criminal proceeds.
Furthermore, the authorities have confiscated more than S$23 million in cash, over 250 luxury bags and watches, 120 electronic devices including computers and mobile phones, over 270 pieces of jewellery, two gold bars, and 11 documents containing information about virtual assets.
Singapore’s ‘zero tolerance’ policy
Singapore’s Commercial Affairs Department (CAD) said in a statement that they were committed to keeping their country from becoming a safe haven for financial criminals.
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CAD director David Chew said, “We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities."
“Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he added.
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