The police have spent more than S$640,000 to safekeep the assets from Singapore's largest money laundering case.
Minister for Law and Home Affairs K Shanmugam explained on May 7 that these expenses are incurred for the storage, maintenance and safeguarding of the seized assets, such as branded bags, watches, and alcohol.
"As of March 2024, the police have incurred about $646,282 in such expenses," Shanmugam said.
Expenses to be borne by State, covered by seized assets: Shanmugam
Shanmugam was replying to a parliamentary question by Bishan-Toa Payoh GRC MP Saktiandi Supaat on what expenses were incurred to preserve the seized assets and how these expenses would be covered.
More than S$3 billion in assets have been seized in relation to the case.
These include the likes 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.
Image from Singapore Police Force.
The assets were seized following an island-wide raid in August 2023.
Shanmugam said that police incurred expenses for engaging specialised services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets.
"These expenses are borne by the State. They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled to the State," Shanmugam added.
Background
On Aug. 16, 2023, 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 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 the same day for offences ranging from forgery, money laundering and resistance to lawful apprehension.
On Jan. 19, the Singapore authorities disclosed that they are seeking two more suspects of Cambodian nationality linked to the case.
The pair had both left Singapore prior to the commencement of police operations.
Arrest warrants and Interpol Red Notices have been issued against them.
Top image from MCI / Singapore Police Force