- Singapore Police Force seizes S$944M in major anti-money laundering ops (Aug 2023) and surrenders it to the State.
- 10 foreign nationals arrested, convicted, and deported for money laundering offences.
- Additionally, over S$1.85B in assets surrendered by 17 foreign nationals linked to the case.
Singapore cracks down on money laundering, recovering billions in illicit assets and deporting criminals.
Major Anti-Money Laundering Operation in Singapore
On 15 Aug 2023, the Singapore Police Force (SPF) carried out a big raid across the island.
They were looking for foreign people who might be hiding money from crime.
The police arrested 10 foreigners during this operation.
These people were later found guilty of money laundering and other crimes.
They got jail time ranging from 13 to 17 months.
Assets Seized and Surrendered to the State
The police took about S$944 million worth of things from the arrested people and gave it to the State.
This was 92.1% of all the stuff they found seized from or linked to these criminals.
After the arrests, the police also looked into 17 other foreigners who had left Singapore.
15 of these people agreed to give up about S$1.85 billion worth of assets.
This was 98.6% of what the police had taken or stopped them from selling.
| Group | Number of People | Assets Surrendered |
|---|---|---|
| Arrested Individuals | 10 | S$944 million |
| Individuals Who Left Singapore | 15 out of 17 | S$1.85 billion |
Consequences for the Convicted
After serving their jail time, all 10 convicted foreigners were sent back to their home countries.
They are not allowed to come back to Singapore.
This shows how serious Singapore is about stopping money crimes.
The SPF is still looking into two more cases.
These cases involve S$144.9 million in assets that the police have taken or stopped from being sold.
Singapore’s Stance on Financial Crimes
According to the SPF, “The Government will continue to enhance our defences against money laundering and other illicit activities by adopting risk-proportionate measures to detect and deter criminals.”
This statement shows that Singapore is serious about stopping financial crimes.
The government wants to keep Singapore’s reputation as a safe and trustworthy place for business.
They are working hard to catch criminals who try to misuse Singapore’s financial system.
Balancing Business and Security
The SPF also said, “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.”
This means Singapore still wants good businesses to come, but will be tough on criminals.
The country is known for its strong anti-scam measures and financial regulations.
These help keep Singapore’s economy safe and trustworthy.
Do you think Singapore’s strict approach to financial crimes will encourage more legitimate businesses to set up here?
