Singapore Seized Over $4 Billion in Dirty Money From Criminal, Money Laundering Activities Since 2019

By Jace Dela Cruz

Jun 26 2024, 10:32 AM EDT

Singapore has confiscated S$6 billion ($4.4 billion) in assets tied to criminal and money laundering activities over the past five years.

According to Bloomberg, this total includes a substantial portion from last year's major scandal.

Singapore Seized Over $4 Billion in Dirty Money From Criminal, Money Laundering Activities Since 2019 — Singapore has confiscated more than $4 billion in assets tied to criminal and money laundering activities over the past five years. ROSLAN RAHMAN/AFP via Getty Images

Singapore Seizes $4.4 Billion in Assets Linked to Money Laundering

From January 2019 to June 2024, S$416 million was returned to victims, and S$1 billion was forfeited to the state. In the S$3 billion money laundering case from last year, the government has already seized approximately S$944 million.

Authorities highlighted the increasing sophistication of money laundering operations, which involve quick transfers of large sums and affect many victims across borders. The report noted that even the most stringent measures can be bypassed by inventive criminals.

Upcoming Anti-Money Laundering Bill of Singapore

Singapore said it is dedicated to strengthening its regulations to combat these crimes. The report cited upcoming legal frameworks, including an anti-money laundering bill expected to be introduced this year.