Singaporean Police Arrest 10 Foreign Nationals in $735 Million Money Laundering Case, Seize Cryptocurrencies and Assets
Crypto News – On Tuesday, the Singaporean police apprehended 10 foreign nationals suspected of engaging in money laundering, and they confiscated assets totaling around S$1 billion ($735 million), which encompassed cryptocurrencies, according to official statements.
In a press release issued on Wednesday, authorities disclosed that 10 individuals had been detained. Most of them held Chinese passports and were believed to be connected to various criminal activities such as forgery, money laundering, and resisting lawful arrest.
In a targeted operation, the police managed to seize 94 properties and 50 vehicles, collectively appraised at over S$815 million. Alongside these tangible assets, law enforcement also gained possession of 11 documents containing information pertaining to virtual assets. However, the exact value of the seized cryptocurrency assets was not detailed.
The Monetary Authority of Singapore (MAS) affirmed on Wednesday that it had collaborated closely with law enforcement agencies to facilitate the progression of the case. The primary objective was to identify potentially illicit funds and compromised assets within the nation’s financial system.
Ho Hern Shin, Deputy Managing Director of MAS, emphasized that this case had underscored Singapore’s vulnerability to transnational risks like money laundering and terrorism financing due to its status as a global financial hub. He stressed the need for ongoing collaboration with financial institutions to fortify the country’s defenses against these threats.
With its burgeoning prominence as a key cryptocurrency hub in Asia, Singapore has recently taken significant strides in regulating the sector. Just the previous day, the country finalized new regulatory frameworks governing stablecoins.
In a separate development, MAS made headlines last week by committing up to S$150 million for a three-year period as part of a fintech and innovation initiative. Notably, this initiative includes a dedicated track designed to bolster the advancement of Web 3.0 technology.
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