Singapore - April 2024

In April, Singapore began sentencing five out of ten foreign nationals accused of laundering over SGD 3 billion (approximately USD 2.2 billion) acquired from criminal activities overseas. The ten foreigners were apprehended during an island-wide raid in August 2023, during which their assets were seized or frozen. Political analysts have labelled the case as the country’s biggest-ever money laundering incident, challenging Singapore’s corruption-free reputation. The case ensnared numerous banks, property agents and precious metal traders, prompting authorities to establish an inter-ministerial panel tasked with reviewing anti-money laundering protocols and investigating any potential complicity of financial institutions. Legal proceedings against the remaining defendants are ongoing. 

Sources: BBC News, Asia Financial, The Strait Times, Nikkei Asia