- Singapore police have arrested 10 foreign nationals for money laundering.
- The authorities also seized $735 million, alongside properties, vehicles, and cash.
- Scammers from China, Turkey, and Cambodia were majorly involved in online gambling.
The Singapore Police arrested 10 foreign nationals between 31 and 44 years of age, suspected of laundering money. According to the statement, the authorities also confiscated almost $735 million worth of assets including crypto from the individuals.
Ninety-four properties and fifty vehicles valued at $815 million were issued under the prohibition of disposal orders. Moreover, ornaments, liquor, and expensive wine were also seized. Meanwhile, Singapore police took over 35 associated bank accounts, holding an estimated combined balance exceeding S$110 million. Furthermore, cash, including foreign currencies, totaling more than S$23 million, along with over 250 luxury bags and watches, in excess of 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelry, two gold bars, and 11 documents containing information about virtual assets were confiscated.
Singapore police are still in search of the eight additional people who were also involved in the case. None of the arrested, and suspected are citizens or permanent residents of the island state. Those arrested possessed passports belonging to China, Turkey, Cambodia, and Ni-Vanuatu.
The investigation sparked after the police caught notice of “illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts.” Analyzing Suspicious Transaction Reports, the authorities were able to identify a few foreign nationals scamming people via online gambling from overseas.
On Tuesday, 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command, and the Police Intelligence Department raided locations across the country, as well as residences including Good Class Bungalows (GCB).
On August 16, The Monetary Authority of Singapore released a statement noting that they are working alongside law authorities to identify fraud funds and digital assets in Singapore’s financial system. MAS’ deputy manager, Ho Hern Shin added, “[The case has] highlighted that as a global financial hub, Singapore remains vulnerable to transnational (money laundering and terrorism financing) risks” and that the regulator needs to work further with financial institutions to strengthen our defences against these risks.
Previously, MAS had proposed a Purpose Bound Money whitepaper in partnership with international monetary organizations, outlining a shared protocol for the use of crypto on a distributed ledger.
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