Global

Singapore Seizes Over $2bn In Assets In Massive Money Laundering Case

Singapore has said that it expects further arrests and seizures, as the Asian financial hub investigates one of its largest cases of alleged money laundering, where the amount of assets confiscated has reached $2 billion.

Authorities in the city state noted for its low crime rate conducted simultaneous searches in the middle of August that resulted in the detention of 10 foreign nationals and the confiscation of luxury homes, automobiles, gold bars, designer handbags, and jewellery valued at S$1 billion.

The second minister for home affairs, Josephine Teo, addressed the parliament on Tuesday saying, “This case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals.”

She went on to say that the government will set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case.

The inter-ministerial committee, which includes political office holders from the central bank and the ministries of home affairs, law, manpower, and commerce, would be presided over by Indranee Rajah, the second minister of finance.

They will go through four topics: preventing the misuse of business structures; encouraging financial institutions to work together with government agencies; encouraging third parties, such as real estate brokers, to prevent money laundering; and enhancing detection skills.

The government announced that it was reviewing financial institutions that were allegedly connected to the issue and that it would take enforcement action against any of them, as well as their employees, if it was discovered that they had violated central bank regulations.

Agencies are also reviewing processes that include the central bank’s approval for family offices to get tax incentives, and to consider regulating high value assets such as luxury cars and bags.

Teo said, however, that any changes should not “end up unduly inconveniencing legitimate businesses and customers.”

She went on to reveal that the case had been on the radar of police since 2021, after the filing of suspicious transaction reports by financial institutions.

She denied the rumour that the operation was carried out under the direction of China, calling it “completely untrue” in both local and foreign news channels.

“We started investigations because we suspected that offences had been committed in Singapore,” Teo added. “Once we confirmed our suspicions, we acted.”

Ozioma Samuel-Ugwuezi

Follow us on:

Ozioma Samuel-Ugwuezi

View Comments

  • Toyota Land Cruiser-₦2million
    • Toyota Prado ₦1.7million
    • Toyota Corolla –₦650,000
    • Toyota Camry –₦450,000-₦1M
    • Toyota Avensis – ₦950,000-₦1M
    • Toyota Yaris – ₦800,000Mama Africa #17,000 •Tomatoes Rice # *15,000* •Cap Rice #15,000 •My Food #17,000 •Mama Gold #17,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc
    • Toyota Venza – ₦2.2 million
    • Toyota RAV4 SUV –₦950,000
    • Toyota Hilux Pickup-₦950,000
    • Toyota Dyna Truck – ₦1.3million
    • Toyota Hiace Bus – ₦1.5 million
    * Toyota Highlander-₦1.2 million
    *Toyota Camry Big daddy-₦850,000
    Honda Civic cars – ₦850,000
    Honda Accord – ₦950,000
    Honda CR-V –₦980,000
    Honda CR-V –₦950,000
    Honda Pilot – ₦900,000
    *Prices of some Volswagen cars:
    golf 1 -- ₦100,000
    Golf 2--₦150,000
    golf 3 -₦200,000
    golf 4--₦300,000
    golf 5 -₦350,000
    Jetta-₦350,000
    Passat-₦450,000.
    Lexus RX300-₦950,000
    Lexus RX330-₦1.2 million
    Lexus RX350-₦2. million
    Lexus GX460-₦2.2 million
    Lexus GX470-₦3 million
    Toyota Sienna = ₦N850.000
    325bl caterpillar excavator =₦11.8million
    Tipper Truck=₦4.8million
    Trailers heads for Mack, Man, Iveco, Merc trucks=₦2million--₦5million
    WE DELIVER TO All STATES. ..
    YOU CAN CALL THE MARKETING OFFICER FOR MORE INFORMATION
    Lexus GX460-₦2.2.million
    Lexus GX470-₦3.million
    Toyota Sienna = ₦650,000
    WE DELIVER TO 36 STATESO91 5608 9111 }

Recent Posts

Gbadebo Rhodes-Vivour: Commercialisation Of GMO Seeds Can Take Away Nigeria’s Food Sovereignty, Cause Health Issues

Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…

9 hours ago

Usyk Defeats Fury on Points in Riyadh to Retain Heavyweight Championship Title

Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…

14 hours ago

Albania to Ban TikTok for a Year After Schoolboy’s Death Sparks Concerns

Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…

17 hours ago

Suspect Remanded in Custody Over Deadly Attack at German Christmas Market

A suspect accused of killing five people by driving into a crowded Christmas market in…

17 hours ago

US Fighter Jet ShotDown in Red Sea ‘Friendly Fire’ Incident Amid Heightened Tensions

A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…

17 hours ago

NNPC, Dangote Refinery Slash Petrol Prices to N899 Per Litre Amid Rising Competition

NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…

18 hours ago