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Singapore says assets seized in money laundering case now at $2 bln

Singapore says assets seized in money laundering case now at $2 bln

14 Sept 01:34 Key points summarised by AI
  • Singapore's major money laundering probe has escalated, with seized assets now totaling S$2.8 billion ($2 billion), and more arrests and confiscations expected.
  • Authorities arrested 10 foreigners in simultaneous mid-August raids, seizing luxury properties, vehicles, gold, and designer goods worth S$1 billion initially.
  • The government will form an inter-ministerial panel to review its anti-money laundering regime, acknowledging that sophisticated criminals can bypass even stringent preventive measures.
  • Investigations, initiated in 2021 following suspicious transaction reports, confirm Singapore acted independently, dismissing rumors of external pressure from China.
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