Total value of assets seized in money laundering case now more than $2.8 billion

Second Minister for Finance and National Development Indranee Rajah has announced the formation of a new inter-ministerial committee to review and strengthen Singapore’s anti-money laundering regime. The committee, which will be chaired by Rajah, will comprise representatives from the Monetary Authority of Singapore, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower, and Ministry of Trade and Industry.

In a statement to Parliament on Oct 3, Josephine Teo, Singapore’s second minister for home affairs revealed that the total value of assets seized in Singapore’s largest money laundering case now stands at more than $2.8 billion. This includes 152 properties and 62 vehicles with an estimated value of more than $1.24 billion; bank accounts amounting to more than $1.45 billion; cash of more than $76 million; and cryptocurrencies of more than $38 million. This is almost triple the initial estimate of $1 billion when the case first broke in mid-August. Furthermore, authorities have seized thousands of bottles of liquor and wine, 68 gold bars, 294 luxury bags, 164 luxury watches and 546 pieces of jewellery.

Singapore’s anti-money laundering enforcement agents first noticed signs of a case in 2021. In early 2022, the police launched an intelligence probe, taking effort to ensure only a small group of officers knew of the investigation to avoid alerting the suspects. The suspects have now been arrested and denied bail and investigations are ongoing.

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The committee will focus on several areas in its efforts to stamp out money laundering. These include exploring ways to prevent corporate structures from being abused by money launderers, enhancing financial institution controls to flag suspicious transactions, ensuring other players in the system, such as corporate service providers, real estate agents, and precious stones and metals dealers are up to date with necessary safeguards, and centralising and strengthening capabilities across government agencies to better detect suspicious activity.