Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine.
The authorities seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent the dissipation of suspected criminal proceeds.
Also confiscated was cash amounting to more than S$23 million, over 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, as well as 11 documents with information on virtual assets.
RED FLAGS PICKED UP BY FINANCIAL INSTITUTIONS
The Monetary Authority of Singapore (MAS) said financial institutions had filed suspicious transaction reports.
These included suspicious fund flows, dubious documentation of the source of wealth or funds, as well as inconsistencies or evasiveness in the information provided to the financial institutions.
“MAS takes this case seriously and has been in touch with the FIs (financial institutions) where the potentially tainted funds have been identified,” said the financial regulator in a media release on Wednesday.
“Supervisory engagements with these FIs are ongoing. MAS will take firm action against FIs which are found to have breached MAS’ stringent requirements on anti-money laundering/countering the financing of terrorism, or to have inadequate controls against money laundering/terrorism financing risks.”
MAS said it works closely with financial institutions to guard against the abuse of Singapore’s financial system for illicit activities.
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