SEIZED OR FROZEN Resources
The total value of the assets seized or issued with a prohibition on disposal orders was finally updated by her.
The overall price, according to the police, was over S$ 2.4 billion as of September 20. According to Mrs. Teo, they have since carried out” more operations and extensive studies ,” bringing the total to more than S$ 2.8 billion.
These consist of:
- 152 components and 62 cars with a total estimated value of more than S$ 1.24 billion are prohibited from having leisure orders issued against them.
- hundreds of wine and booze jars
- More than$ 1.45 billion was taken out of bank accounts.
- Income totaling more than Entropy$ 76 million, including foreign currency
- Bitcoin worth more than South$ 38 million
- 68 silver plates
- 294 designer handbags
- 164 designer timepieces
- 546 jewelry items
More arrests and more property may be seized as police investigations continue, according to Mrs. Teo.
According to Mrs. Teo, the officers did take action against businesses and individuals who have broken the law, such as by aiding in money laundering, and they are also strongly collaborating with regional officials.
She continued,” The sectoral regulators & nbsp, including government agencies that oversee corporate service providers, real estate agents, and financial institutions, will take action if there is negligence or non-compliance with anti-money laundering requirements.”
Mrs. Teo stated that some organizations have decided to ringfence these funds, so it is unclear whether charitable funds made by some of the 10 defendants are being looked into. People intend to turn over the money to the police after filing police reports.
” We probed extensively to uncover the linkages ,” she continued. We were thorough in everything we did and said.
” Those who would use Singapore as a shelter to wash crime proceeds may face harsh enforcement action from us without hesitation. To the fullest extent permitted by our laws, we may deal with them and their illegal profits.
She informed the House that Singapore has taken major enforcement action against money trafficking offenses on numerous occasions as a significant financial hub.
For instance, according to Mrs. Teo, in the 1MDB case, the police” in-depthly investigated”” individuals suspected of committing offenses in Singapore ,” while the Monetary Authority of Singapore( MAS )” thoroughly examined” financial institutions through which the funds flowed.”
The arrest or prohibition of property totaling more than S$ 240 million was one of the police actions taken. Four financiers were charged in court, including Yeo Jiawei, a previous BSI businessman who was found guilty of money laundering and stealing in July 2017 and sentenced to four-and-a-half years in prison.
Mrs. Teo also cited the Wirecard scam incident, which started in Germany. For failing to conduct client due diligence and properly identify the sources of wealth of high-risk customers, three banks and an insurance company in Singapore have been fined a total of S$ 3.8 million.
Three of the seven people who were charged in court were found guilty of crimes like wealth fraud.
Singapore is a desirable location for businesses and investments. Political and economic stability, a powerful rule of law, and accountability are all present. ” Mrs. Teo said,” People are assured that their money is safe here.
She pointed out that criminals looking to launder money may try to take advantage of Singapore’s financial openness and solid reputation for the rule of law.
In order to” reduce risk, have a robust alert & nbsp, system, and take prompt enforcement action ,” Mrs. Teo added, the government will continuously review its practices even with strict measures in place. This is done when illegal activities surface, as in this case.
Additionally, we must never deceive ourselves into believing that no news is good news. Rather, we need to be able to spot indiscretions and, when we do, had the handle to take decisive, forceful action, she said.