Singapore, November 20 — Fifteen of 17 foreigners linked to Singapore’s S$3 billion (US$2.22 billion) money laundering case have agreed to surrender S$1.85 billion (US$1.37 billion) worth of assets to the state. The Singapore Police Force (SPF) confirmed on Monday (Nov 18) that the assets constitute 98.6% of those seized from these individuals. While cases against the 15 foreigners are closed, investigations into two others remain ongoing.
This case, one of Singapore’s largest money laundering probes, began in 2021 after tip-offs about foreigners using forged documents to launder money. In August 2023, police arrested nine men and one woman, mostly Chinese nationals, in affluent neighborhoods. The arrests uncovered billions in assets, including cash, properties, luxury goods, cryptocurrency, and alcohol, linked to illegal activities.
Out of the total assets linked to the 17 foreigners, S$1.85 billion (US$1.37 billion) has been surrendered to the state by 15 individuals. Court orders facilitated this process, effectively closing their cases.
Two suspects, Xu Haika and Xu Hainan, are still under investigation. Their assets, valued at S$144.9 million (US$108 million), remain frozen under Singapore’s Anti-Money Laundering and Other Matters Act.
The 10 offenders arrested in Singapore were convicted and sentenced to jail. Upon completing their sentences, they were deported and barred from re-entering Singapore. Their surrendered assets totaled S$944 million (US$711 million), or 92.1% of the total seized from them.
Lawyers representing the 15 foreigners negotiated the withdrawal of Interpol Red and Blue Notices in exchange for immediate asset surrender. The SPF consulted with the Attorney-General’s Chambers (AGC) to facilitate this arrangement.
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Efforts to extradite the 17 foreigners were hindered by their unknown locations and insufficient evidence. Two Cambodian nationals, Su Yongcan and Wang Huoqiang, remain wanted by Interpol.
Singapore’s billion-dollar money laundering case underscores the nation’s commitment to maintaining financial integrity while sending a strong message to potential offenders. For Singaporeans and international investors, the crackdown reinforces the country’s reputation as a secure and well-regulated financial hub.
Singapore has resolved cases involving 15 foreigners linked to a S$3 billion (US$2.22 billion) money laundering scandal, recovering S$1.85 billion (US$1.37 billion) in assets. Investigations into two remaining suspects continue, while offenders have been barred from re-entering the country.
Source: CNA (2024)
Keywords: Money Laundering Case, S$1.85 Billion Assets, Asset Surrender
