Tuesday, May 21, 2024, 4:45 PM
BREAKING NEWS
**First fuel trucks enter war-torn Gaza: Rafah crossing official **Six trucks with fuel to power generators at two hospitals crossed from Egypt **Hezbollah war with Israel would be 'mistake of its life': Netanyahu **We will strike it with a force it cannot even imagine: Netanyahu **Force ‘not way’ to resolve Israeli-Palestinian conflict : China **Iran journalists who covered Amini death get jail sentences **Elaheh Mohammadi, Niloufar Hamedi were both found guilty of collaboration with US **Elaheh and Niloufar were arrested after reporting on the death last year of Mahsa Amini
Home International Money laundering probe shakes Singapore’s clean business hub status

Money laundering probe shakes Singapore’s clean business hub status

Police alleged that ill-gotten gains from scams and gambling were filtered

by NWMNewsDesk
0 comment

The seizure of assets worth 1.8 billion Singaporean dollars ($1.3 billion) and as many as 10 arrests have brought Singapore’s image as a clean business hub under scrutiny.

The Singapore police arrested 10 foreign nationals – aged between 31 and 44 and seized luxury items including Hermes handbags, Patek Philippe watches, aged Macallan whisky, and Bentley and Rolls-Royce cars in several raids last month.

The arrested suspects are believed to be originally from Fuji in eastern China but include Cypriot, Turkish, Cambodian, and Vanuatuan passport holders.

The police claimed that the seized assets were the ill-gotten gains of organised crime committed overseas, including scams and online gambling. The proceeds of these gains were brought into the country and filtered through its financial institutions.

banner

The case has cast a spotlight on Singapore which had been seen as a low-crime financial hub, or a “Switzerland of the East”.

It is also unwelcome news for Singapore’s ruling party, which has been rocked by a string of rare political scandals in the past few months, including a corruption probe involving the transport minister.

You may also like

In a recent breakthrough, researchers have found that the updated COVID-19 vaccine has demonstrated an impressive 95% efficacy rate against the emerging Delta variant, which has been causing widespread concern globally.

Blogs

Latest Articles

© 2023 News World Media. All Rights Reserved.