The total value of the assets seized in Singapore's "S$1 billion money laundering case" has since increased to S$2.8 billion.

While delivering a ministerial statement in Parliament on Oct. 3, 2023, Second Minister for Home Affairs Josephine Teo commented that the case is not only one of Singapore's largest money laundering cases but likely one of the world's largest.

A timeline of what happened

Authorities alerted in 2021

Teo said the Singapore authorities were alerted to the money laundering case in 2021.

They picked up several signals, such as the use of suspected forged documents to substantiate sources of funds in bank accounts in Singapore and suspicious transaction reports filed by financial institutions and other companies.

"Quietly" launched probe in early 2022

The police launched an intelligence probe in early 2022 and uncovered a web of individuals believed to be connected, including by familial ties.

Teo said the probe was conducted "quietly" to avoid alerting the suspects, "The work was kept to a very small group of officers, and a decision was made to hold off any enforcement or overt investigative actions."

"The police's aim was to probe extensively and develop as full a picture as possible of the suspects and their associates, their suspected criminal activities, and their assets before making any move against them," she added.

She said an increasing number of individuals implicated in the alleged money laundering operation and their assets were discovered as the probe progressed.

Stressing that anti-money laundering probes of this scale and nature are complex, where connecting the dots between people and things is much easier said than done, Teo said the Singapore authorities had to be "very discreet".

"Had the suspects caught wind of our probes, the suspects and their assets might have fled, and the investigations and the entire operation might have been jeopardised."

Islandwide blitz on Aug. 15, 2023

Following a consultation between the police and the Attorney-General’s Chambers earlier in 2023, it was decided that there was sufficient reason to suspect that the criminal offences had been committed in Singapore.

The police then conducted a massive islandwide blitz on Aug. 15, 2023, where over 400 officers led by the Commercial Affairs Department were involved.

Rumours that operation done on China's behest "completely untrue"

Addressing "rumours" in the media that the operation was done at the behest of China, Teo clarified in Parliament that "this is completely untrue".

"In this case, we started investigations because we suspected that offences had been committed in Singapore. Once we confirmed our suspicions, we acted," Teo said.

She added,

"Singapore does not need another country to tell us what to do to enforce our laws, nor will we do anything unless it is in our own interests."

What will happen to the S$2.8 billion assets?

Teo also revealed more details on the money laundering case in Parliament, where the proceeds are likely to have come from criminal activities abroad, such as illegal online gambling and unlicensed money lending.

She shared that the value of the assets seized by the police has since increased from S$2.4 billion to S$2.8 billion.

These include 152 properties and 62 vehicles with an estimated value of more than S$1.24 billion, money in bank accounts amounting to over S$1.45 billion, and cash of various currencies worth over S$76 million.

Other items include thousands of bottles of liquor and wine, cryptocurrency worth more than S$38 million, 68 gold bars, 294 luxury bags, 164 branded watches, and 546 pieces of jewellery.

Teo said the seized assets will be dealt with accordingly and under Singapore's laws depending on the findings, and the disposal will be conducted by the courts.

"We will deal with them and their ill-gotten gains to the fullest extent of our laws," Teo said.

She added that more arrests may be made and assets seized as the probe continues.

@mothershipsg Josephine Teo debunks "speculation circulating in news outlets internationally and domestically that this operation was carried out at the behest of China." #sgnews #sgparliament #tiktoksg ♬ original sound - Mothership

Background

In an Aug. 16, 2023 news release, the Singapore Police Force said they arrested 10 foreigners — nine men and one woman aged 31 to 44 — suspected to be involved in a transnational money laundering syndicate.

The police then stated that they seized more than S$1 billion in assets.

They consist of properties, vehicles, ornaments, bottles of liquor and wine, cash, luxury bags and watches, electronic devices, jewellery, gold bars, bank accounts and documents with information on virtual assets.

The 10 foreigners, all of whom are of Chinese origin, consisted of three Cambodian nationals, three Chinese nationals, two Cypriot nationals, one Turkish national and one Ni-Vanuatu national.

They were charged on Aug. 16, 2023 for offences ranging from forgery, money laundering and resistance to lawful apprehension.

SPF said on Sep. 20, 2023 more than a month after the money laundering case came to light, that the total value of assets seized or issued with the prohibition of disposal orders by the police stands at more than S$2.4 billion.

Teo further revealed on Oct. 3, 2023 that the value of the assets involved had increased to S$2.8 billion.

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Top image courtesy of Singapore Police Force