Sunday, December 10, 2023

Singapore money laundering case swells to $1.76 billion

The Singaporean money laundering case continues to grow, with assets seized now rising to SG$2.4 billion ($1.76 billion), comprising cash, crypto, gold, properties and vehicles.

According to reports, authorities have not yet revealed where the new funds were encountered, as previous reports had only uncovered some $1.3 billion in funds linked to the money laundering group.

Police have reiterated the group’s links to gaming within Asia, noting that the 10 suspects were “laundering the proceeds of their overseas organized crime activities, including scams and online gambling”.

The 10 detainees all have Chinese nationality, as well as a series of other passports and residencies, including Cambodia, Cyprus, Turkey, Vanuatu, and others.

The high-profile case has raised questions over Singapore’s anti-money laundering policies and oversight, even as authorities laud the bust as a major win for law enforcement.


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