Singapore detains 10 foreigners involved in money laundering, seizes RM3.4 billion in assets

REUTERS

SINGAPORE: Singapore police arrested 10 foreigners who were allegedly involved in money laundering activities and confiscated assets including cash, real estate and luxury cars totaling nearly 1 billion Singapore dollars (RM3.4 billion).

A disposal ban order was also issued against 94 properties and 50 vehicles with a total estimated value of more than 815 million Singapore dollars (RM2.7 billion).

Other seizures included bank accounts, cash, luxury bags, jewelry, watches, electronic devices and several documents with information about virtual assets.

"The foreigners are between the ages of 31 and 44 and are citizens of China, Turkey, Cyprus, Cambodia and Vanuatu," said the Singapore police.

The Central Bank of Singapore in a separate statement said it has been in contact with financial institutions where the funds potentially involved in the case have been identified.

"Supervisory involvement with this financial institution is under investigation," said the Central Bank.-REUTERS