BNR – Singapore law enforcement authorities have executed one of the most significant anti-money laundering operations. The operation resulted in the seizure of approximately $735 million worth of assets, including residences, high-end vehicles, and luxury timepieces.

In its crackdown, police confiscated an array of items, including gold bars, designer handbags, fine wine, and S$23mln in cash.

Ten Foreign Nationals Arrested in Unprecedented Operation

Law enforcement authorities apprehended ten individuals, all holding foreign passports, in the operation, which represents a development in Singapore’s typically low-crime landscape.

The Singapore Police Force organised simultaneous raids across the city-state on Tuesday, culminating in the seizure of 94 properties. The raids encompassed prestigious residences in sought-after locales and an assortment of 50 vehicles.

The police arrested the individuals, aged between 31 and 44, on allegations of money laundering and forgery. Authorities revealed that the arrested individuals hailed from diverse backgrounds, with passports originating from China, Cambodia, Turkey, and Vanuatu.

Police sources indicated that the apprehended group is believed to be associated with the laundering of illicit proceeds stemming from their organised criminal activities overseas, including fraudulent schemes and online gambling operations.

Singapore Committed to Combatting Financial Crime

David Chew, the director of the Commercial Affairs Department, emphasised Singapore’s stance against providing refuge to criminals. “We have zero tolerance for the use of Singapore as a safe haven for criminals,” he stated.

Singapore’s Central Bank and monetary regulatory body, the Monetary Authority of Singapore, affirmed its proactive involvement in the operation. The agency established contact with financial institutions linked to the potentially tainted funds.

It also reiterated its commitment to robustly address anti-money laundering compliance. Institutions failing to meet stringent requirements will face decisive action from the regulatory body.

With this significant crackdown on money laundering, Singapore is demonstrating its determination to curb financial crime and maintain its reputation. The country is a global financial hub that has a dedication to upholding integrity and transparency in its financial transactions.