Singapore arrests 10 foreigners, seizes S$1 billion in money laundering probe

SINGAPORE, Aug 16 (Reuters) – Singapore police have arrested 10 foreigners for money laundering and counterfeiting in a case involving about S$1 billion ($737 million) in cash, property, luxury cars and other assets.

Police conducted simultaneous raids across the city-state on Tuesday to arrest the suspects, their statement said on Wednesday.

Removal orders were issued against 94 properties and 50 vehicles, with a total assessed value of more than S$815 million.

Bank accounts, cash, luxury bags, jewellery, watches, electronic devices and some documents containing information on virtual assets were confiscated.

Singapore police said the foreigners were aged between 31 and 44 and their nationalities included Chinese, Turkish, Cypriot, Cambodian and Ni-Vanuatu.

In a separate statement, Singapore’s central bank said it was “in touch with financial institutions (FIs) where tainted funds have been identified. Monitoring engagements with these FIs are ongoing”, without naming the FIs.

($1 = 1.3572 Singapore dollars)

Reported by Chen Lin in Singapore; Editing by Alison Williams

Our Standards: Thomson Reuters Trust Principles.

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