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It is the biggest money laundering case in Singapore, and among the biggest in the world, [2] involving assets worth 3 billion Singapore dollars. [3] Initially, only 1 billion Singapore dollars worth of assets was either seized, frozen or issued prohibition of disposal orders although the value of assets involved would later balloon to 3 ...
SINGAPORE (Reuters) -Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of ...
SINGAPORE (Reuters) -Assets seized in Singapore's biggest money laundering case have risen to more than S$3 billion ($2.24 billion) from S$2.8 billion in October, Singapore's Business Times ...
A Rolls-Royce Dawn vehicle seized by police at a residence of Su Jiafeng, one of the suspects in the S$2.8 billion money-laundering case, in Singapore, on Wednesday, Oct. 25, 2023.
Money Laundering Cycle. From 2020 to 2022, at least 240 people were convicted of money laundering offences (largely related to domestic scams) and a total of $1.2 billion worth of assets were seized. [78] In August 2023, the police arrested ten foreign nationals on suspicion of committing offences such as forgery and money laundering. [79]
On 22 November 2021, Tan was appointed to the board of the Monetary Authority of Singapore (MAS), [15] where he has been at the forefront of parliamentary proceedings involving MAS bills and issues. In October 2023, he delivered a ministerial statement on the $2.8 billion money-laundering case in Parliament. [16]
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The police announced that 15 suspects involved in the S$3 billion money-laundering case that fled earlier have agreed to surrender about S$1.85 billion in assets and be banned from returning to Singapore. Two other suspects remain under investigation. 21 November – The police and the SAF remove an unexploded World War II bomb from Keppel Club ...