Singapore Police Arrest 10 Foreigners in $737 Million Money Laundering Case
Singapore police have made a major breakthrough in a high-profile money laundering and forgery case, resulting in the arrest of 10 foreigners. The case involves approximately S$1 billion ($737 million) in cash, properties, luxury cars, and other assets. The arrests were made during simultaneous raids conducted across the city-state on Tuesday.
According to a statement released by the Singapore Police Force, prohibition of disposal orders have been issued against 94 properties and 50 vehicles, with an estimated total value of over S$815 million. In addition to these assets, authorities have also seized bank accounts, cash, luxury bags, jewelry, watches, electronic devices, and documents containing information on virtual assets.
The arrested individuals, aged between 31 and 44, hail from various nationalities including Chinese, Turkish, Cypriot, Cambodian, and Ni-Vanuatu. The Singapore police have not disclosed any further details regarding the suspects or their alleged involvement in the money laundering and forgery offenses.
In a separate statement, the Monetary Authority of Singapore (MAS), the country’s central bank, revealed that it is in contact with the financial institutions (FIs) where the potentially tainted funds have been identified. MAS stated that ongoing supervisory engagements with these FIs are taking place, although the specific institutions were not named.
The successful operation by the Singapore police highlights the country’s commitment to combating financial crimes and maintaining the integrity of its financial system. The authorities’ swift action in arresting the suspects and seizing their assets demonstrates their determination to crack down on money laundering and protect the country’s reputation as a global financial hub.
The investigation into this case is ongoing, and further details are expected to emerge as the authorities delve deeper into the alleged money laundering and forgery activities. The Singapore police and MAS will continue to work together to ensure that the individuals involved are brought to justice and that any illicit funds are recovered.
($1=1.3572 Singapore dollars)
Reporting by Chen Lin in Singapore; Editing by Alison Williams
Our Standards: The Thomson Reuters Trust Principles.
How is the Monetary Authority of Singapore (MAS) collaborating with financial institutions to address the potentially tainted funds identified in the case
Singapore Police Make Major Breakthrough in $737 Million Money Laundering Case, Arrest 10 Foreigners
In a significant development, Singapore police have made a major breakthrough in a high-profile money laundering and forgery case, resulting in the arrest of 10 foreigners. The case involves approximately S$1 billion ($737 million) in cash, properties, luxury cars, and other assets. The arrests were made during simultaneous raids conducted across the city-state on Tuesday.
According to a statement released by the Singapore Police Force, prohibition of disposal orders have been issued against 94 properties and 50 vehicles, with an estimated total value of over S$815 million. In addition to these assets, authorities have also seized bank accounts, cash, luxury bags, jewelry, watches, electronic devices, and documents containing information on virtual assets.
The individuals arrested, whose ages range from 31 to 44, come from various nationalities including Chinese, Turkish, Cypriot, Cambodian, and Ni-Vanuatu. Further details regarding the suspects or their alleged involvement in the money laundering and forgery offenses have not been disclosed by the Singapore police.
The Monetary Authority of Singapore (MAS), the country’s central bank, announced in a separate statement that it is working closely with the financial institutions (FIs) where the potentially tainted funds have been identified. MAS stated that ongoing supervisory engagements with these FIs are taking place, although the specific institutions were not named.
The successful operation by the Singapore police highlights the country’s strong commitment to combat financial crimes and maintain the integrity of its financial system. The authorities’ swift action in arresting the suspects and seizing their assets demonstrates their determination to crack down on money laundering and protect Singapore’s reputation as a global financial hub.
The investigation into this case is still ongoing, and further details are expected to emerge as the authorities delve deeper into the alleged money laundering and forgery activities. The Singapore police and MAS will continue their collaboration to ensure that those involved are brought to justice and any illicit funds are recovered.
($1=1.3572 Singapore dollars)
Reporting by Chen Lin in Singapore; Editing by Alison Williams
Our Standards: The Thomson Reuters Trust Principles.
