Singapore’s largest money laundering crackdown: 15 foreign nationals surrender $1.85 billion in assets

SINGAPORE: 15 of the 17 foreign nationals who fled Singapore amid the investigation into one of the country’s largest-ever money laundering cases have agreed to return a staggering S$1.85 billion (US$1.37 billion) in assets, the Singapore Police Force (SPF) confirmed on Monday, Nov 18 and reported by CNA.

In a significant development, the police also announced that the 15 offenders had been permanently barred from re-entering Singapore, effectively closing their cases.

Seizure of nearly $2 billion from fugitives

Following court orders, these individuals will forfeit 98.6% of the total assets seized in the probe.

While the cases of the 15 are now concluded, investigations into the remaining two fugitives are ongoing. The police revealed that assets linked to the duo, worth S$144.9 million, are still under seizure, with prohibition of disposal orders in place.

The syndicate that shocked Singapore

The investigation, which began in 2021, exposed a sophisticated money laundering operation involving forged documents and illicit funds flowing through Singapore.

The crackdown reached its peak in August 2023, when 10 individuals—mostly from China—were arrested at luxury estates across the country.

The months following the arrests saw billions of dollars worth of assets seized, including hard cash, real estate, luxury goods, cryptocurrency, and even bottles of high-end alcohol.

The 10 convicted offenders were sentenced to jail, deported, and permanently banned from returning to Singapore.

Over $944 million returned to the state

Of the total assets linked to the 10 offenders, S$944 million, or 92.1%, was successfully surrendered to the state. The final sentencing for the group was concluded in June 2024, marking the end of legal proceedings for these individuals.

In August, two former bank relationship managers, Chinese nationals Wang Qiming and Liu Kai, were charged for their role in assisting the money laundering operation.

Additionally, Singaporean Liew Yik Kit, a personal driver to one of the fugitives, was charged with obstruction of justice and providing false information to the authorities.

Despite the crackdown, two suspects, Cambodian nationals Su Yongcan and Wang Huoqiang, remain on the run. The Singaporean authorities have issued warrants for their arrest and Interpol Red Notices, intensifying the search for the fugitives.

Zero-tolerance for criminals

In a strong statement, the Singapore Police Force reaffirmed the country’s commitment to maintaining its reputation as a safe and legitimate business hub, vowing to “spare no effort” in dismantling criminal networks that attempt to exploit the nation’s financial system.

As investigations continue, the case serves as a powerful reminder of Singapore’s unwavering stance against money laundering and financial crime.