Singapore police have uncovered more luxury watches, gold bars and other assets from a massive money laundering scheme busted last month, putting the total amount of assets seized or frozen at $1.75 billion.
Police had launched further operations on a group of foreign nationals suspected of being involved in laundering the proceeds of organized crime activities, including fraud and online gambling, police said in a statement on Wednesday.
The latest action followed several other raids across the city-state last month, in which $731 million worth of property, vehicles, luxury goods and gold bullion were seized or frozen. Nine men and one woman from Cyprus, Turkey, China, Cambodia and Vanuatu were charged before the court.
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The case has cast a shadow over Singapore’s status as a financial hub known for its low crime rate and clean image.
The latest businesses seized or froze additional assets, bringing the total estimate to $1.75 billion, police said Wednesday. This included bank accounts with a total estimated value of more than $824 million and cash of more than $55 million.
The financial skyline along the Marina Bay area is seen in Singapore on June 30, 2020. (AP Photo/Yong Teck Lim, File)
Police also seized 68 gold bars, 294 luxury handbags, 164 luxury watches, 546 jewelry, 204 electronic devices and cryptocurrencies worth more than $28 million. The statement said non-disposal orders were issued on more than 110 properties and 62 vehicles with a total estimated value of more than $906 million, as well as bottles of liquor, wine and multiple decorations.
“Investigations are ongoing,” the statement added.
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The Monetary Authority of Singapore said on Wednesday that financial institutions had submitted reports of suspicious transactions, such as suspicious flows of funds, questionable documentation of the source of wealth or funds, and inconsistencies or evasions in the information provided to them.
He warned that he would take tough action against financial institutions that flout requirements or have inadequate controls against money laundering and terrorist financing.
