Singapore published its «National Assets Recovery Strategy», highlighting the amount of illicit money seized since 2019.
Between January 2019 and June 2024, Singapore seized S$6 billion ($4.4 billion) linked to criminal and money laundering activities, according to a statement by the government. Of this amount, S$416 million has been returned to victims, S$1 billion has been forfeited to the state and the large bulk of the remainder is linked to ongoing investigations or court proceedings.
«Specific to Singapore, a sizeable proportion of the money laundering cases here are transnational in nature, involving foreign predicate offenses and foreign crime syndicates which employ sophisticated and complex methods, including layering tactics and digital technologies, to conceal the cross-border movement of their illicit funds,» the statement said.
Four Pillars
The announcement was part of the publication of Singapore’s «National Asset Recovery Strategy».
This strategy focuses on four pillars: detect suspicious and criminal activities by tracing the illicit funds; deprive criminals of their ill-gotten proceeds through prompt seizure and confiscation; deliver maximum recovery of assets for forfeiture and restitution to victims; and deter criminals from using Singapore to hide, move, or enjoy their illicit assets.
