Singapore Police Seize Over $700M In Cryptocurrency Tied To Money Laundering Probe

Singapore's law enforcement detained 10 individuals, predominantly holding Chinese passports, on allegations of money laundering, capturing assets valued around S$1 billion ($735 million), which encompassed cryptocurrencies.

On Wednesday, local police disclosed that these arrests were linked to accusations of forgery, money laundering, and evading arrest.

Authorities confiscated 94 real estate properties, 50 automobiles, and documents related to digital assets. The exact worth of these virtual holdings wasn't specified.

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Bank accounts connected to the case, holding an estimated S$110 million, were also seized.

The Monetary Authority of Singapore (MAS) collaborated with the police to aid in the investigation and pinpoint potentially compromised funds within the nation's financial framework.

"As a global financial hub, Singapore remains vulnerable to transnational (money laundering and terrorism financing) risks," MAS's Deputy Managing Director, Ho Hern Shin said, stressing the need for enhanced collaboration with financial entities to bolster the nation's protective measures.

Singapore's stature as a pivotal player in Asia's cryptocurrency sector continues to grow. Recently, the nation introduced new regulations for stablecoins.

Furthermore, the MAS pledged up to S$150 million over the next three years to a fintech initiative, which encompasses support for Web 3.0 technologies.

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Image: Singapore skyline via Unsplash