Singaporean law enforcement agencies have conducted a major anti-money laundering operation resulting in the confiscation of assets valued at around $735 million. The seized assets include luxury homes, high-end vehicles, designer handbags, gold bars, and significant amounts of cash.
In a synchronized operation, ten individuals holding foreign passports were apprehended for suspected involvement in money laundering and forgery, with allegations of using Singapore to launder proceeds from organized criminal activities, including online gambling and scams.
The operation, one of Singapore’s largest of its kind, underscores the nation’s commitment to eradicating financial crimes. Singapore authorities seized 94 properties and 50 vehicles, primarily from individuals aged 31 to 44, who held passports from countries such as China, Cambodia, Turkey, and Vanuatu.
Singapore’s financial regulator, the Monetary Authority of Singapore, emphasized its resolve to take robust action against institutions failing to meet anti-money laundering standards.