- Singapore police seize and freeze assets worth $1 Billion from foreign nationals involved in crypto money laundering.
- The suspects face charges punishable by years of imprisonment and heavy fines.
- Singapore financial authorities have promised to work hand-in-hand to provide a defense against financial risks.
Singapore police have arrested foreign nationals over alleged crypto money laundering, forgery, and other illicit activities charges. In a raid that happened on Tuesday, authorities seized and frozen cash, assets, and cryptocurrency worth over $1 billion.
Singapore Authorities Freeze and Seize Assets Worth $1 Billion
In a Facebook post published on Thursday, the Singapore Police Force (SPF) gave more details about the arrest, stating that ten persons between ages 31 and 44 have been apprehended for their suspected involvement in “offenses of forgery and/or money laundering, and resistance to lawful apprehension.”
According to the police, none of the ten individuals are citizens of or permanent residents in Singapore. The arrested are Cypriot, Turkish, Cambodian, Ni-Vanuatu, and Chinese nationals, with ten non-Chinese nationals possessing foreign passports issued by China.
The arrest was facilitated through a tip that informed the authorities of ongoing illegal activities, including the suspected forgery of documents used to justify the source of funds in Singapore bank accounts. Over 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command, and the Police Intelligence Department raided the locations of the suspects in condominiums and Good Class Bungalows (GCB).
Following the crackdown, the authorities seized over 35 related bank accounts with a combined balance of more than S$110 million and cash—including foreign currencies amounting to $23 million. Other assets confiscated include over 250 luxury bags and watches, over 120 electronic devices such as computers and mobile phones, over 270 pieces of jewelry, two gold bars, and 11 documents with information on cryptocurrencies.
Disposal orders were prohibited on 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, plus ornaments and bottles of liquor and wine.
Alleged Suspects Still on the Run
With investigations still underway, the Singapore Police Force has added that more assets may be seized, bank accounts frozen, and other prohibition of disposal orders issued. The authorities have alerted the public of eight wanted persons, as well as the ongoing cooperation of twelve other individuals.
Following the Singapore laws, if the perpetrators are convicted, they will be faced with; imprisonment for up to 10 years, or a fine of up to $500,000 for money laundering, and imprisonment of up to 10 years for forgery.
Using a forged document is punishable with prison time of up to four years or a fine, while resistance to lawful apprehension attracts imprisonment of up to one year, or fine, or both.
Singapore to Strengthen Its Defences as a Global Crypto Hub
The Monetary Authority of Singapore (MAS), in a separate press release, has promised that it will continue working with financial institutions in the country to identify potentially tainted funds and assets in the financial system and prevent their further transfer.
“Singapore remains vulnerable to transnational ML/TF risks, and MAS and FIs need to continue to work together to strengthen our defenses against these risks,” Ms. Ho Hern Shin, Deputy Managing Director (MAS), said.
