Singapore says assets seized in money laundering case now at $2 bln

Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion).

Simultaneous raids in mid-August by authorities of the city state known for its low crime rate led to the arrest of 10 foreigners and the seizure of luxury properties, cars, gold bars, designer handbags and jewellery worth S$1 billion.

“This case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals,” Josephine Teo, the second minister for home affairs, told parliament on Tuesday.

The government would set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case, she added.

But Singapore’s arrests and investigations showed its…