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Singapore police raid money laundering ring, seize $735M in crypto

Police in Singapore said it seized 11 documents with information on cryptocurrency assets

Ten foreign nationals were detained by Singaporean police on suspicion of money laundering on Tuesday. They seized assets, including cryptocurrency, worth S$1B (or $735M).

Singapore police bust money laundering ring

The police said in a statement on Wednesday that they had detained 10 people, the majority of whom had Chinese passports, for their alleged involvement in forgery, money laundering, and resisting lawful arrest.

A total of 94 properties and 50 cars, valued at over S$815M, were seized by the police. Authorities claimed that 11 documents with information on digital assets were also taken by the police.

As per the statement, there were things like “Cash, including foreign currencies, amounting to more than S$23M, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelleries, two gold bars” found by police.

Read more: Kuwait bans all crypto activity in money laundering crack down

The majority of those apprehended had Chinese passports, indicating that they may have been part of a global crime ring.

According to a statement released on Wednesday, the Monetary Authority of Singapore collaborated with the authorities to expedite the case’s development and identify fraudulent funds and assets in the financial system of the country.

“The case has highlighted that as a global financial hub, Singapore remains vulnerable to transnational (money laundering and terrorism financing) risks” and that the regulator needs to work further with financial institutions to “strengthen our defenses against these risks,” said Ho Hern Shin, a deputy managing director of the MAS.

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