Anti-money laundering bust that seized S$1 billion could be ‘tip of the iceberg’

AS A major financial hub, Singapore must remain vigilant as criminal networks continue to seek out loopholes around anti-money laundering safeguards, industry watchers said.

A large-scale anti-money laundering operation was conducted by the Singapore Police Force on Tuesday (Aug 15) in which S$1 billion in cash and assets were seized from a group of foreign nationals.

The crackdown was conducted across several Good Class Bungalows and high-end condominiums simultaneously, in areas including Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.