Singapore seizes over $4 bln linked to crime since 2019
Singapore reported on Wednesday that it has seized 6 billion SGD ($4.4 billion) linked to crime and money laundering since 2019.
The report was released as part of the Southeast Asian nation's efforts to stop the flow of criminal money, following a dirty money scandal last year.
Of the 6 billion SGD seized, about 416 million SGD has been returned to victims and 1 billion SGD forfeited to the state, the report said, adding that investigations or court proceedings were ongoing for the bulk of the remaining money.
Speaking at an event hosted by the Financial Action Task Force, a global financial crime prevention association the same day, Singaporean Prime Minister Lawrence Wong said Singapore is determined to do what is needed to respond to these risks and safeguard its reputation as a trusted financial centre.
Last week, financial authorities said the banking sector, including wealth management, was assessed to pose the highest money laundering risks to Singapore.
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