Singapore Police seize assets close to S$1 billion in anti-money laundering operation
The Singapore police have arrested ten individuals, aged 31 to 44, on suspicion of involvement in forgery, money laundering, and resisting arrest. Additionally, law enforcement is receiving assistance from twelve individuals during investigations, while they are actively seeking eight other individuals. The individuals in custody are thought to be linked to each other. None of them possess Singaporean citizenship or permanent residency.
Authorities received alerts regarding possible illicit activities that revolved around the utilization of potentially forged documents to provide validation for funds within Singaporean bank accounts. Thorough investigations and analysis of Suspicious Transaction Reports (STRs) led to the identification of a group of foreign nationals allegedly laundering proceeds from organized crime activities conducted overseas. These criminal activities include online scams and gambling.
On August 15, 2023, over 400 officers from the Commercial Affairs Department, Criminal Investigation Department, Special Operations Command, and Police Intelligence Department executed coordinated raids across various locations in Singapore, including luxury residences like Good Class Bungalows (GCBs) and condominiums. This operation resulted in the arrest of the ten suspects.
Singapore Police seize close to S$1 billion in assets
The Singapore police seized a significant number of assets during these raids. These assets include cash exceeding S$23 million, luxury items such as bags and watches, electronic devices, pieces of jewelry, gold bars, and documents related to virtual assets. The police have placed prohibition of disposal orders on 94 properties and 50 vehicles worth more than S$815 million.
The suspects are facing a range of charges. One suspect, a Cypriot national who allegedly resisted arrest by jumping from a balcony. Police also found a Turkish national in possession of forged documents. Police also charged a Chinese national and a Dominican Republic national with forgery for cheating. Finally, police also charged a Ni-Vanuatu national with money laundering.
The investigations are ongoing. Police may seize further assets or subject these assets to prohibition of disposal orders as the inquiry progresses. Convictions under these charges could lead to severe penalties, including imprisonment for up to ten years and substantial fines.
Multiple police departments carried out the operation jointly. They targeted suspected organized crime activities involving significant amounts of money and complex financial transactions.
More information on the arrests and the assets seizures can be found on the Singapore Police Force Facebook page.
