SINGAPORE — In a remarkable development stemming from a massive money laundering case, the police have transferred a bounty of luxury goods and gold bars to professional services firm Deloitte for management and liquidation. This action follows a large-scale anti-money laundering operation that led to multiple arrests.
Luxury Items and Gold Bars Seized
A total of 466 high-end items and 58 gold bars, weighing between 999 grams and 1 kilogram each, were handed over to Deloitte on 12 August 2024. These assets were seized during a police crackdown in August 2023, which unveiled a criminal operation involving illicit gambling activities in Southeast Asia.
- 466 pieces of luxury goods including handbags from brands like Louis Vuitton and Hermes
- 14 luxury watches from top brands such as Patek Philippe and Richard Mille
- 58 gold bars valued at approximately S$139,000 each
The Arrests
The operation led to the arrest of ten individuals—nine men and one woman—all hailing from China with previous criminal records. After being convicted in 2024 for various charges including money laundering, they were sentenced to jail terms of 13 to 17 months before being deported.
Sizable Confiscations
Throughout the investigation, police seized assets totalling around S$3 billion, with S$1 billion linked directly to the accused. The government is progressively liquidating these non-cash assets, which also include:
- 54 properties
- 33 vehicles
- 11 country club memberships
Funds Management
By December 2024, around S$2.79 billion of the total assets had been surrendered to the state. This includes S$1.54 billion in cash and financial assets. The proceeds from the liquidation will be channelled into Singapore’s Consolidated Fund—essentially a government bank account used for public spending.
Enhancing Regulations Post-Scandal
The fallout from this investigation has prompted significant legislative changes, including the passage of the Anti-Money Laundering and Other Matters Bill in August 2024, aimed at reinforcing Singapore’s anti-money laundering framework. Further scrutiny has also been placed on financial institutions and legal entities involved, resulting in hefty penalties and additional regulatory measures.
As investigations continue, the case has raised critical awareness about compliance and the integrity of financial systems, pushing for stronger safeguards against such illicit operations in the future.