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

The total value of assets seized in Singapore’s largest money laundering case has skyrocketed to more than S$2.8 billion. On Oct 3, Josephine Teo, Singapore’s Second Minister for Home Affairs, revealed the figure in Parliament. It is almost triple the initial figure at S$1 billion when the case first broke in mid-August.

Teo said the police had seized 152 properties and 62 vehicles, with a total estimated value of more than S$1.24 billion; monies in bank accounts amounting to more than S$1.45 billion; cash of more than S$76 million; and cryptocurrencies of more than S$38 million.

In addition, the police have seized thousands of bottles of liquor and wine, 68 gold bars, 294 luxury bags, 164 luxury watches and 546 pieces of jewellery. Investigations into this money laundering case are ongoing, with 10 suspects arrested and denied bail.

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As this case suggests, stronger action needs to be taken to prevent and detect money laundering activities in Singapore. To this end, Second Minister for Finance and National Development Indranee Rajah announced on Oct 3 in Parliament that a new inter-ministerial committee will be set up. It will be chaired by Rajah and comprise office holders from the Monetary Authority of Singapore, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower, and Ministry of Trade and Industry.

The committee will focus on four areas. Firstly, how to prevent corporate structures from being abused by money launderers. Secondly, how financial institutions can enhance their controls and collaborate more effectively to guard against and flag suspicious transactions. Thirdly, how other players in the system – such as corporate service providers, real estate agents, and precious stones and metals dealers – can help to guard against money laundering risks. Finally, centralising and strengthening capabilities across government agencies to better detect suspicious activity.

The government’s swift and decisive action in setting up this inter-ministerial committee and taking steps to review and strengthen Singapore’s anti-money laundering regime illustrates how seriously it takes the issue of money laundering.

This case also serves as a stark reminder to the public to remain vigilant and do their part in reporting suspicious financial activity.