Singapore Ends Pursuit in Major Money Laundering Case

Singapore police have concluded their investigation into 15 foreign nationals implicated in the city's largest-ever money laundering scandal after the suspects surrendered S$1.85 billion, representing 98.6% of the seized assets. Their cases are now closed, and they are barred from returning to Singapore, while investigations continue for two remaining suspects with S$144.9 million in assets still under restriction. The scandal, which began in 2021, involved the use of forged documents to launder funds and has resulted in significant scrutiny of Singapore's financial systems. Following high-profile arrests in August 2023, the authorities managed to recover substantial assets from other implicated individuals. The police reaffirm their commitment to combat financial crime in the region. This case has raised concerns about the integrity of Singapore as a financial hub, prompting further investigations into related financial institutions.