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    Home ยป Singapore Police Uncover $1.13 Billion Money Laundering Operation

    Singapore Police Uncover $1.13 Billion Money Laundering Operation

    Staff WriterJanuary 1, 2024 Latest News
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    The Singapore Police Force has recently revealed developments in an ongoing investigation involving a group of foreign nationals suspected of laundering the proceeds from overseas organized criminal activities, including scams and online gambling.

    In a crackdown effort, law enforcement agencies have taken decisive actions to seize various assets associated with the case.

    To date, the police have either seized or issued disposal orders for assets that amount to a staggering value.

    This includes the freezing of bank accounts collectively valued at over $1.13 billion, alongside a cache of over $76 million in cash.

    In a dramatic turn of events, authorities also confiscated 68 gold bars, 294 luxurious bags, 164 high-end watches, 546 pieces of valuable jewelry, and 204 electronic devices.

    Furthermore, the investigation led to the seizure of more than $38 million in cryptocurrency.

    Additionally, Singapore Police have taken steps to issue prohibition of disposal orders against more than 110 properties and 62 vehicles valued at more than $1.24 billion.

    Similar orders have been imposed on items like liquor, wine, and ornaments.

    This update stems from an island-wide investigation that was initially announced in August.

    The investigation involved the coordinated efforts of 400 officers from multiple agencies conducting simultaneous raids across the city-state.

    These efforts ultimately led to the arrest of ten foreign nationals and the seizure of assets worth over S$815 million.

    The police have emphasized that investigations into the case are ongoing, signifying that more developments may arise in the future.

    This announcement follows a series of arrests made by the Singapore Police in July, targeting illegal gambling activities in the country.

    In this operation, 13 men and 12 women, aged between 31 and 76, were detained by Singapore’s Woodlands Police Division.

    Raids conducted in Sembawang resulted in the recovery of various gambling paraphernalia and the confiscation of S$19,752 in cash, along with 11 mobile phones.

    Singapore has taken a stringent stance against illegal gambling, as demonstrated by the introduction of the Gambling Control Act 2022, which imposed significant penalties.

    Operating illegal gambling can result in a maximum fine of S$200,000 and up to five years in prison.

    Those gambling with unlicensed operators may face fines of up to S$10,000, up to six months in prison, or both.

    These measures are part of Singapore’s broader efforts to regulate and combat illegal gambling activities within its borders, including the renaming of the Casino Regulatory Authority to the Gambling Regulatory Authority of Singapore in August.

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