AML Operation Seizes $1.7bn in Assets in Singapore

Last month, an operation by the Singapore National Police against a group of foreign nationals, allegedly involved in money laundering and other criminal activities, including online gambling and scams, resulted in the arrest and charges against 10 individuals. At the time of the announcement, an estimated S$1 billion ($732.2 million) in assets were seized.

In a recent update on Wednesday, the Singapore National Police confirmed that the estimated value of the seized assets amid the ongoing investigation soared to a staggering S$2.4 billion ($1.7 billion). Moreover, a prohibition of disposal order was filed as well, meaning that the assets, which included gold bars, properties, luxury watches, cars and bags, could not be sold.

The initial operation included simultaneous raids in areas, including River Valley, Sentosa, Bukit Timah, Orchard Road and Tanglin. Ten individuals, arrested during the operations, are facing charges related to money laundering. The alleged participants in the illegal operation included foreign nationals with passports from China, Cambodia, Cyprus as well as Turkey. The investigations into the massive money laundering operation continue.

“In response to media queries, the Police provided an update on further operations conducted in relation to the group of foreign nationals suspected to be involved in laundering the proceeds of their overseas organized crime activities, including scams and online gambling. During these operations, additional assets were seized and issued with prohibition of disposal orders. To date, the total value of assets seized or issued with prohibition of disposal orders by the Police stands at more than S$2.4 billion,“

reads a statement released by the Singapore Police Force

Bank Accounts Frozen, Cash and Expensive Items Seized

According to the recent statement released by the Singapore Police Force, some S$1,127 million ($820.1 million) was seized from bank accounts. Additionally, the operation sized approximately S$76 million ($55.6 million) in cash that included foreign banknotes.

The massive anti-money laundering operation seized 294 luxury bags, as well as 164 luxury watches and a staggering 68 gold bars. During the raids, some 546 jewelry pieces were seized, along with 204 electronic devices including mobile phones and computers. Cryptocurrency, valued at more than S$38 million ($27.8 million) was seized as well.

Some 62 cars along with 110 properties, estimated to be worth more than S$1,242 million ($878.7 million) were impacted by the prohibition of disposal orders. The law enforcement even sized ornaments, as well as bottles of wine and liquor.