The Singapore Police Force has revealed that a significant money laundering case involves a group of foreign nationals suspected of laundering proceeds from overseas organized criminal activities, including scams and online gambling.
Assets Seized
As part of the investigation, authorities have already seized or issued disposal orders for a substantial range of assets:
Bank Accounts: More than $1.13 billion in bank accounts.
Cash: Over $76 million in cash.
Gold Bars: 68 gold bars.
Luxury Items: 294 luxury bags, 164 luxury watches, and 546 pieces of jewelry.
Electronic Devices: 204 electronic devices.
Cryptocurrency: Over $38 million in cryptocurrency.
Additionally, prohibition of disposal orders has been issued for over 110 properties and 62 vehicles valued at more than $1.24 billion. Similar orders have been extended to liquor, wine, and ornaments.
Island-Wide Investigation
The case, which was first announced in August, prompted an island-wide investigation involving 400 officers from multiple agencies. It resulted in the arrest of ten foreign nationals. In the initial wave of raids, assets worth over S$815 million were seized.
Ongoing Investigations
Singapore Police confirm that investigations are ongoing in this matter.
Previous Arrests Related to Illegal Gambling
In July, Singapore Police made several arrests related to illegal gambling. The operation led to the detention of 13 men and 12 women, aged between 31 and 76. The enforcement action, led by Singapore’s Woodlands Police Division, resulted in the recovery of various gambling paraphernalia and the seizure of S$19,752 in cash, along with 11 mobile phones.
Singapore’s Strict Approach to Gambling
Singapore has implemented stringent measures against illegal gambling. The Gambling Control Act 2022 introduced new laws for operators and participants involved in illegal gambling. Operating illegal gambling activities can result in a maximum fine of S$200,000 and up to five years in prison, while gambling with an unlicensed operator may lead to fines of up to S$10,000, a maximum of six months in prison, or both.
These legal changes were accompanied by the renaming of Singapore’s Casino Regulatory Authority to the Gambling Regulatory Authority of Singapore in August 2022.