Current:Home > FinanceSingapore police uncover more gold bars, watches and other assets from money laundering scheme-Angel Dreamer Wealth Society D1 Reviews & Insights
Singapore police uncover more gold bars, watches and other assets from money laundering scheme
View Date:2024-12-23 18:55:06
KUALA LUMPUR, Malaysia (AP) — Singapore police uncovered more luxury watches, gold bars and other assets from a massive money laundering scheme that was busted last month, they said, bringing the total amount of assets seized or frozen to 2.4 billion Singapore dollars ($1.75 billion).
The police had launched further operations related to a group of foreign nationals suspected to be involved in laundering the proceeds of their organized criminal activities, including scams and online gambling, police said in a statement on Wednesday.
The latest action followed multiple other raids across the city-state last month that saw properties, vehicles, luxury goods and gold bars worth SG$1 billion ($731 million) seized or frozen. Nine men and a woman from Cyprus, Turkey, China, Cambodia and Vanuatu have been charged in court.
The case has cast a shadow on Singapore’s status as a financial hub known for its low crime and clean image.
The latest operations saw additional assets seized or frozen, with the total estimate growing to SG$2.4 billion ($1.75 billion), police said Wednesday. This included bank accounts with a total estimated value of more than SG$1.127 billion ($824 million) and cash of more than SG$76 million ($55 million).
Police also seized 68 gold bars, 294 luxury bags, 164 luxury watches, 546 pieces of jewelry, 204 electronic devices and cryptocurrencies worth over SG$38 million ($28 million). The statement said prohibition of disposal orders were been issued against more than 110 properties and 62 vehicles with a total estimated value of more than SG$1.24 billion ($906 million), as well as bottles of liquor, wine and multiple ornaments.
“Investigations are ongoing,” the statement added.
The Monetary Authority of Singapore said Wednesday that financial institutions had filed suspicious transaction reports such as suspicious fund flows, dubious documentation of the source of wealth or funds, and inconsistencies or evasiveness in information provided to them.
It warned that it would take firm action against financial institutions that breach requirements or have inadequate controls against money laundering and on countering the financing of terrorism.
veryGood! (4)
Related
- Nicole Kidman Reveals the Surprising Reason for Starring in NSFW Movie Babygirl
- Lindsay Lohan’s Brother Dakota Gushes Over Her “Perfect” Baby Boy
- Melanie Lynskey and More Stars Who Just Missed Out on Huge Roles
- Selena Gomez Celebrates 31st Birthday With Paris Hilton, Christina Aguilera and Other Friends
- Ex-Phoenix Suns employee files racial discrimination, retaliation lawsuit against the team
- Travis Barker Pens Heartbreaking Letter to Teen Drummer After His Death
- Tyra Banks Recreates Her Iconic Life-Size Character for Barbie Shout-Out
- You'll Bend and Snap for Reese Witherspoon and Daughter Ava Phillippe's Latest Twinning Moment
- 'Bizarre:' Naked man arrested after found in crawl space of California woman's home
- Tour de Lust Influencer Christine Tran Ferguson Shares Her 15-Month-Old Son Asher Has Died
Ranking
- Teachers in 3 Massachusetts communities continue strike over pay, paid parental leave
- Kim Kardashian and Tristan Thompson Party in Miami After Watching Lionel Messi's MLS Debut
- These Shirtless Photos of Jeremy Allen White Will Have You Saying Yes Chef
- Carlee Russell’s Boyfriend Pleads With People to Stop Bullying Her Amid Disappearance Investigation
- Ex-Duke star Kyle Singler draws concern from basketball world over cryptic Instagram post
- US heat wave lingers in Southwest, intensifies in Midwest: Latest forecast
- Who Is Ethan Slater? Everything You Need to Know About Ariana Grande's New Boyfriend
- Oppenheimer's Cillian Murphy Underwent a Drastic Transformation—& So Did These Movie Stars
Recommendation
-
15 new movies you'll want to stream this holiday season, from 'Emilia Perez' to 'Maria'
-
Coast Guard searching for cruise passenger who jumped overboard
-
Why Oscar De La Hoya Says He Let Travis Barker and Shanna Moakler Raise Daughter Atiana
-
Tom Brady and Irina Shayk Spark Romance Rumors With Intimate L.A. Outing
-
Shel Talmy, produced hits by The Who, The Kinks and other 1960s British bands, dead at 87
-
Shop Deals on Activewear as Low as $9 at Nordstrom Clear the Rack Sale: Nike, Adidas, Skechers & More
-
Tony Bennett Dead at 96: Anderson Cooper, Carson Daly and More Honor the Legendary Singer
-
Barbie Casting Director Reveals the Stars Who Had to Turn Down Ken Roles