S'pore seized close to S$3 billion of assets from 27 foreign nationals implicated in money laundering case

The 10 foreign nationals arrested during a large-scale, island-wide raid on Aug. 15, 2023, for money laundering and other activities in Singapore, have been convicted and sentenced to jail terms ranging from 13 to 17 months.

S$944 million worth of assets seized by the state

As a result of the arrests involving illicit proceeds from overseas organised crime activities, about S$944 million worth of assets, or 92.1 per cent of the total assets seized from them or otherwise linked to them, were surrendered to the state, the Singapore Police Force (SPF) said in a Nov. 18 release.

All 10 arrested persons were deported and barred from re-entering Singapore after serving their sentences.

Another S$1.85 billion of assets seized or prohibited from being disposed

The police added that they have also, in the same probe, seized and issued prohibition of disposal orders on assets linked to another 17 foreign nationals who had left Singapore and have not returned since.

A total of 15 of the 17 foreign nationals’ cases have been dealt with.

They had agreed to surrender about S$1.85 billion worth of assets, or 98.6 per cent of the seized and prohibited assets, to the state, and court orders have been made for the surrender.

They have been barred from returning to Singapore.

Remaining two cases still ongoing

Investigations into the two remaining foreign nationals are ongoing.

Assets amounting to S$144.9 million linked to them remain seized or the subject of prohibition of disposal orders.

Investigations and court proceedings against other persons who have allegedly facilitated the money laundering activities are also ongoing.

The police release said the government will continue to enhance its defences against money laundering and other illicit activities by adopting risk-proportionate measures to detect and deter criminals and safeguard our hard-earned reputation as a trusted and reputable international financial centre governed by the rule of law,

"We will continue to welcome legitimate businesses and investors, but will spare no effort to take down criminals who seek to exploit the Singapore ecosystem for criminal gains," the police added.

Top photos via Singapore Police Force