Seized money-laundering assets exceeding S$2 billion yet to be surrendered to the state
The police say these assets belong to 17 other foreigners still under investigation in relation to the high-profile case
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EVEN as the last of the 10 foreign nationals convicted for being involved in Singapore’s S$3 billion anti-money laundering bust has been sentenced, attention is turning towards the more than S$2 billion in assets that were frozen or seized, but remain in limbo.
Some S$944.5 million in assets seized from the perpetrators have already been surrendered to the state. These range from cars, property and ornaments to physical cash, donations to charities and balances in bank accounts.
Non-cash assets from this sum will be sold in auctions, and, together with the cash assets, will be paid into the state’s consolidated fund, which works like a bank account in Singapore.
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