More details have emerged from Singapore’s headline money laundering case, with the value of seized assets further rising.
The total value of assets seized by Singapore authorities in the headline money laundering case has exceeded S$2.8 billion ($2 billion), according to a ministerial statement. Amongst the assets are 152 properties, 62 vehicles, cash, cryptocurrencies, gold bars, lux bags, watches and thousands of bottles of liquor.
The value of assets seized is higher than the previously announced amount of S$2.4 billion.
Inter-Ministerial Committee
In response, anti-money laundering efforts will be further enhanced, including with the formation of an inter-ministerial committee led by Second Minister for Finance Indranee Rajah.
«Singapore takes money laundering seriously. This is not the first time that we have taken serious enforcement action against money laundering offenses. Nor will it be the last,» said Second Minister for Home Affairs Josephine Teo.
«Members will appreciate that no screening process is fool-proof. We will review how to tighten our verification checks at various points. At the same time, we should be sensible. Most people are not illegal money launderers or criminals. If we make the rules too tight, then it is the vast majority of innocent applicants who will be unnecessarily penalized. The crooks will still try to find a way around the rules.»
No Push From China
In addition, Teo refuted speculations that China – Singapore’s largest trading partner – had influence in the probe.
«There has been some speculation circulating in news outlets – internationally and domestically - that this operation was carried out at the behest of China. This is completely untrue,» she said.
«Singapore does not need another country to tell us what to do to enforce our laws, nor will we do anything unless it is in our own interests. In this case, we started investigations because we suspected that offenses had been committed in Singapore. Once we confirmed our suspicions, we acted.»
