Singapore seizes $736M in assets in anti-laundering raids --- Agence France-Presse

SINGAPORE - Singapore authorities have seized assets worth nearly US$750 million in sweeping raids against a suspected international money laundering ring, police said Wednesday. During the operation, which targeted locations across the city-state on Tuesday, the police arrested 10 foreign nationals -- from China, Turkey, Cambodia, Cyprus and Vanuatu. Authorities also seized properties, vehicles, and luxury items such as bags and watches in a haul that police said had a total value of Sg$1 billion (US$736 million). Police said they discovered a group that was laundering proceeds from "overseas organized crime activities including scams and online gambling". Also seized were bank accounts with a total estimated balance of more than Sg$110 million, cash amounting to more than Sg$23 million, and documents with information on virtual assets, police said. More than 400 officers took part in the raids, during which the suspects were arrested from luxury homes and high-end condominiums. "Investigations are ongoing. More assets may be seized (and) bank accounts frozen," police said. Singapore is a global financial hub, and has strict laws against laundering illicit funds, which can carry up to 10 years in jail.

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