Singapore cracks down money laundering case worth over 1.76 billion USD
Singaporean media on September 20 reported local police have seized or frozen more than 1.76 billion USD worth of assets in one of the biggest money laundering cases ever uncovered in the city-state.
Vehicles that Singaporean police seize in raids against a suspected international money laundering ring last month. (Photo: SDF)
Hanoi (VNA)ꩵ – Singaporeanmedia on September 20 reported local police have seized or frozen more than 1.76 billion USD worth of assetsin one of the biggest money laundering cases ever uncovered in the city-state.
In sweeping raids against a suspectedinternational money laundering ring last month, Singaporean authorities seizedassets worth nearly 750 million USD including bank accounts, cash, real estate,vehicles, and luxury goods. Police also arrested 10 foreign nationals who aremembers of a group suspected to be laundering proceeds from overseas criminalactivity including scams and online gambling. Police on September 20 confirmed thatthey conducted additional operations and seized additional assets, bringing thetotal amount involved to more than 2.4 billion Singaporean dollars (1.76billion USD). The seized assets now includesbank accounts containing an estimated value of over 828 million USD, more than55.8 million USD in cash, 68 gold bars, 294 luxury bags, and 164 luxurywatches, jewelry, and electronic devices. More than 110 properties and 62 vehicleswith a total estimated value of over 900 million USD are frozen. Singapore - a global financial hub - hasstrict laws against laundering illicit funds, with the highest punishment of upto 10 years in jail./.
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Vehicles that Singaporean police seize in raids against a suspected international money laundering ring last month. (Photo: SDF) 
