Singapore: Singapore police have reportedly arrested 10 people and seized $735 million, including luxury homes, cars, and cash, as part of their biggest anti-money laundering probe.
The police force said in a statement that they have raided across the city-state looking for groups suspected of laundering proceeds from “overseas organised crime activities, including scams and online gambling.”
Those who were arrested had passports from China, Turkey, Cambodia, Cyprus, and Vanuatu and were aged between 31 and 44.
According to the police, the group was “suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities, including scams and online gambling.”
“We have zero tolerance for the use of Singapore as a safe haven for criminals,” stated Mr. David Chew, director of the police’s Commercial Affairs Department.
“Our message to these criminals is simple- if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” the director further added.
Singapore’s central bank and financial regulator, the Monetary Authority of Singapore, revealed that they have been in touch with financial institutions that have come across “potentially tainted funds.”
They emphasised their commitment to taking strong measures against institutions failing to meet official anti-money laundering standards.
Being a major global financial hub, Singapore enforces stringent laws to counter illicit fund laundering. Conviction for such offences can lead to prison sentences of up to 10 years.
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