On 15 August 2023, the Police conducted a large scale, island-wide raid in relation to investigations into a group of foreign nationals suspected of laundering in Singapore, illicit proceeds from overseas organised crime activities.
10 foreign nationals were arrested during this raid (“arrested persons”). All 10 of them were convicted and sentenced to imprisonment terms ranging from 13 to 17 months for money-laundering and other offences. About S$944 million worth of assets, or 92.1% of the total assets seized from them or otherwise linked to them, were surrendered to the State. After serving their sentences, the 10 arrested persons were deported and barred from re-entering Singapore [1].
Cases involving 17 foreign nationals who are not in Singapore
In the same probe, the Police also seized and issued prohibition of disposal orders on assets linked to another 17 foreign nationals who had left Singapore and have not returned since.
15 of the 17 foreign nationals’ cases have been dealt with. They had agreed to surrender about S$1.85 billion worth of assets (98.6% of the seized and prohibited assets) to the State, and Court orders have been made for the surrender. They have been barred from returning to Singapore.
Investigations into the two remaining foreign nationals are ongoing. Assets amounting to S$144.9 million linked to them remain seized or the subject of prohibition of disposal orders.
Investigations and court proceedings against other persons who have allegedly facilitated the money laundering activities are also ongoing.
The Government will continue to enhance our defences against money laundering and other illicit activities by adopting risk-proportionate measures to detect and deter criminals, and safeguard our hard-earned reputation as a trusted and reputable international financial centre governed by the rule of law. We will continue to welcome legitimate businesses and investors, but will spare no effort to take down criminals who seek to exploit the Singapore ecosystem for criminal gains.
[1] For more information on the 10 arrested persons convicted in Singapore, please visit www.police.gov.sg/media-room/news/20240610_tenth_person_sentenced_for_forgery_and_money_laundering_offences.
SINGAPORE POLICE FORCE
18 November 2024 @ 5:00 PM