Investigations continue: Singapore authorities uncover billions of dollars in money laundering

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The investigation is ongoing and both Singaporeans and foreigners are being questioned, Manpower Minister Josephine Teo told the Southeast Asian city-state’s parliament on Tuesday.

Teo described the authorities’ investigative work as one of the largest anti-money laundering operations in the world. “We will not hesitate to take strong enforcement action against those who seek to use Singapore as a haven for money laundering crimes.” Teo also announced changes to immigration laws to curb the flow of illegal money into the country.

1.86 billion francs were confiscated

According to the Strait Times newspaper, authorities last year discovered a network in which money allegedly obtained through crime was brought from abroad to Singapore and invested. In mid-August, police in the island’s metropolis arrested ten people in raids on money laundering and counterfeiting charges.

More than 150 properties, more than 60 vehicles and other luxury items such as bags, watches and jewelery were seized. For this purpose, money in various currencies, cryptocurrencies or bank accounts were seized. The total value as of September 20 was 2.8 billion Singapore dollars (1.86 billion francs), according to police. According to the Strait Times, this is probably one of the biggest money laundering cases in the world. (SDA)

Source :Blick