Singapore wealth management players unfazed by money laundering probe

WEALTH management industry players said the recent probe into a money laundering ring should be viewed in a positive light, and should enhance Singapore’s position as a hub for the region’s richest.

Authorities in August conducted several simultaneous raids and seized the assets of 10 individuals, who have been charged for alleged forgery, money laundering and/or resisting lawful apprehension.

The value of the assets seized has since grown to S$2.4 billion, making this the largest anti-money laundering operation in Singapore’s history.