8-5-2024 (SINGAPORE) The Singapore authorities have disclosed that nearly $650,000 has been spent on the upkeep and preservation of assets seized in connection with the country’s largest money laundering case to date. This staggering figure, unveiled by Minister for Home Affairs K. Shanmugam on May 7, underscores the magnitude of the operation and the complexities involved in safeguarding the seized assets.
The seized assets, which include properties, vehicles, and an array of luxury goods such as branded bags, watches, and alcohol, have necessitated the engagement of specialized services from industry partners and service providers. These experts have been tasked with overseeing the handling, upkeep, and value preservation of the confiscated items.
Minister Shanmugam, in response to a parliamentary question by Mr. Saktiandi Supaat (Bishan-Toa Payoh GRC) regarding the expenses incurred in preserving the seized assets and how these expenses would be covered, provided a comprehensive breakdown. “As of March 2024, police have incurred about $646,282 in such expenses,” he stated. “These expenses are borne by the state. They are covered by the forfeited cash, and the proceeds of sale of the forfeited non-cash assets, which are channelled to the state.”
The scale of the assets seized in this unprecedented case is staggering. Authorities have confiscated more than $3 billion in assets, including 207 properties, 77 vehicles, over $1.45 billion in bank accounts, more than $76 million in cash across various currencies, thousands of bottles of liquor and wine, cryptocurrency worth over $38 million, 68 gold bars, 483 luxury bags, 169 branded watches, and 580 pieces of jewellery. Even colourful bear-like figurines, known as Bearbricks, were seized and listed as “ornaments” by the police, reflecting the diverse range of confiscated items.
The preservation of luxury goods, such as the designer handbags seized in the case, requires meticulous care and specialized storage facilities to maintain their value, contributing to the significant costs incurred by the authorities.
In a coordinated operation on August 15, 2023, Singaporean authorities conducted simultaneous raids on luxury homes across the city-state, leading to the arrest of 10 foreigners linked to the case. As of April 30, five individuals have been convicted and sentenced, with the remaining cases still pending.
