The value of the assets taken in Singapore’s biggest money laundering scandal now stands at over $2.8 billion, according to Josephine Teo, Singapore’s second minister of home affairs. Teo disclosed the figure in Parliament on the 3rd of October.
The Arcady showflat noteworthy is the speed and determination with which the consortium acted listed for a collective sale.
They include these include 152 properties along with 62 automobiles that have a an estimated value of over $1.24 billion; money in bank accounts totalling over $1.45 billion, cash of over $76 million and cryptocurrencies worth over $38 million.
The sum is nearly three times that of $1 billion at the time when the case first came to light in the middle of August. The police also confiscated hundreds of bottles of liquor and wine as well as 68 gold bars, two94 bags of luxury, 164 high-end watches, and 546 pieces jewelry.
Teo said Singapore’s anti-money laundering enforcement officers first spotted signals of a possible case in 2021. In early 2022, police initiated an intelligence investigation. The work was restricted to only a “very tiny group” of police officers. any investigations or enforcement actions were halted in order to not alert suspects.
The suspects have all been detained and released on bail, and investigations are ongoing.
In parliament on Oct 3, the Minister of Finance and National Development Indranee Rajah announced that a new inter-ministerial committee will be formed to examine and improve Singapore’s anti-money laundering system. Rajah is the chairman of this committee. It will include officials who are from Singapore’s Monetary Authority of Singapore, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower as well as the Ministry of Trade and Industry.
The committee will concentrate on four areas: how to stop corporate structures from being misused by money-launderers and how financial institutions can strengthen their security and cooperate better to protect themselves and identify suspected transactions. Also, how the other participants within the system, like corporate service providers and real estate agents as well as precious metals and precious stones dealers can assist in helping safeguard against risks associated with money laundering and also how to centralise and improve capacities across government agencies to better identify suspicious transactions.