SINGAPORE: Police in Singapore are waiting for documents from at least nine financial institutions in their investigation into one of the biggest money laundering cases in the history of the city-state.
Investigations are still at an early stage, according to public prosecutors who appeared at a court hearing on Wednesday. They argued for extending the detention of those arrested so far, adding that luxury cars and properties have been seized.
The number of businesses in Singapore being questioned highlights growing scrutiny of the extent to which the financial system was used for illicit activities in the case.
Authorities last week confiscated more than S$1 billion (US$737 million) worth of properties, luxury cars, cash and other assets, and charged 10 foreigners with allegedly laundering the proceeds of crime from activities such as scams and online gambling.
More than 100 properties, including seven detached houses at the luxurious oceanfront Sentosa Cove, 79 condominium units and 19 commercial or industrial spaces, have been banned from disposal by the police.
The police are unable to comment further on the documents as investigations are ongoing, it said in its response to Bloomberg News.
The Monetary Authority of Singapore, the city-state’s central bank, referred to an earlier statement last week in which it said it had been in touch with firms where potentially tainted funds have been identified. The regulator also said it would take firm action against firms if there are breaches of anti-money laundering rules.
So far, charge documents have shown that the local unit of Citigroup as well as CIMB were allegedly used by some of those arrested in 2020 and 2021. Deutsche Bank is also a creditor to a Singapore investment holding company whose two directors were among those arrested.