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

Josephine Teo, Singapore’s second minister for home affairs, revealed in Parliament on Oct 3 that the total value of assets seized in the country’s biggest ever money laundering case now stands at an astounding $2.8 billion.

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This includes 152 properties and 62 vehicles which have an estimated value of more than $1.24 billion; bank accounts amounting to more than $1.45 billion; cash of over $76 million; and cryptocurrencies worth more than $38 million.

The sum is nearly three times more than when the case first came to the fore back in mid-August, where it was originally valued at approximately $1 billion.

The police have also confiscated thousands of bottles of wine and liquor, 68 gold bars, 294 designer bags, 164 luxury watches, and 546 pieces of jewellery.

Explaining how the case was brought to light, Teo said that anti-money laundering agents detected signals of a money laundering syndicate back in 2021, and after an intelligence probe by the police, 10 suspects were apprehended and have since been denied bail. Investigations into the case are still ongoing.

In the same session, a new inter-ministerial committee was announced to be set up to review and tighten up Singapore’s anti-money laundering policies and regulations. Indranee Rajah, the second minister for finance and national development will chair the committee, and other representatives from the Monetary Authority of Singapore, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower, and Ministry of Trade and Industry, will also be a part of it.

The committee will have four main objectives: looking into how corporate structures are abused by money launderers; strengthening control measures adopted by financial institutions, and increasing cross-agency collaboration to detect suspicious activity; making sure corporate service providers, real estate agents, and precious stones and metals dealers contribute to anti-money laundering efforts; and streamlining detection capabilities across government agencies.