Singapore Seizes $4.4 Billion in Crime-Linked Funds Since 2019
Since 2019, Singapore has confiscated S$6 billion ($4.4 billion) connected to criminal activities and money laundering, aiming to protect its reputation as a financial hub. This announcement follows a major money laundering scandal last year that challenged the city-state’s clean image.
The massive operation last year involved seizing S$3 billion in assets, including properties, cars, and luxury goods, and resulted in the arrest of several foreign nationals.
“As a global financial and business hub, we acknowledge the heightened risks of money laundering and terrorism financing,” said Prime Minister Lawrence Wong at a Financial Action Task Force event. “We are committed to taking the necessary steps to counter these risks and uphold Singapore’s status as a trusted financial center.”
The report, part of Singapore’s initiative to combat the influx of illicit funds, highlighted that many cases involved foreign crime syndicates using advanced techniques.
Out of the S$6 billion seized, about S$416 million has been returned to victims, and S$1 billion has been forfeited to the state. The majority of the remaining funds are still under investigation or in court proceedings.
Recently, financial authorities stated that the banking sector, especially wealth management, poses the highest money laundering risks in Singapore. They noted that banks are particularly vulnerable due to their role in handling large transaction volumes and servicing high-risk clients.
