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SG money laundering lawsuit reaches $1.76 billion

September 22, 2023 Singapore Crime & Legal

The Singaporean money laundering case continues to expand, with seized assets now totaling SG$2.4 billion ($1.76 billion).

According to reports, authorities have not yet disclosed where the new funds, which include cash, cryptocurrencies, gold, real estate, and cars, were discovered, as previous reports had only unearthed approximately $1.3 billion in funds associated with the money laundering organization.

The ten suspects were “laundering the proceeds of their overseas organized crime activities, including scams and online gambling”, according to the police.

The ten detainees all have Chinese nationality in addition to a variety of other passports and places of residence, such as Cambodia, Cyprus, Turkey, Vanuatu, and others.

The high-profile case has prompted questions about Singapore’s anti-money laundering policies and supervision, despite authorities hailing the arrest as a significant law enforcement victory.

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Original story by: Asia Gaming Brief

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