<div class="cryptonews"> 
 <p class="is-style-lead">Singapore authorities arrested ten foreigners in a major <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="laundering" href="https://thebittimes.com/tag/laundering.html">laundering</a> bust, confiscating assets worth roughly $735 million.</p> 
 <p>On Aug. 16, Singaporean <a rel="noopener noreferrer nofollow" title="police" href="https://thebittimes.com/tag/police.html">police</a> arrested ten foreign nationals with Chinese passports, accused of <a rel="noopener noreferrer nofollow" title="laundering" href="https://thebittimes.com/tag/laundering.html">laundering</a> approximately S$1 billion ($735 million) in Singapore.</p> 
 <p>During their investigations, officials seized assets, including 94 properties, 50 vehicles valued at over S$815 million, and 35 bank accounts totaling nearly S$110 million.</p> 
 <p>Additionally, 11 documents linked to various cryptocurrency accounts were also confiscated.</p> 
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 <p>The Monetary Authority of Singapore is currently working with the police to identify contaminated funds and assets in the country’s financial system.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“The case has highlighted that as a global financial hub, Singapore remains vulnerable to transnational (<a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="laundering" href="https://thebittimes.com/tag/laundering.html">laundering</a> and terrorism financing) risks” and that the regulator needs to work further with financial institutions to “strengthen our defenses against these risks.”</p> <cite>Ho Hern Shin, a deputy managing director of the MAS</cite> 
 </blockquote> 
 <p>Recently, as Singapore emerges as a prominent cryptocurrency hub in Asia, the financial authority initiated a three-year plan to foster the country’s crypto and fintech ecosystem.</p> 
 <p>In the last months, Singapore has become a crypto hub in the Asian region, leading the growth of the cryptocurrency ecosystem in the country.</p> 
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Singapore police seize $735m in money laundering crackdown

TheBitTimes

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