Singapore says launderers who surrendered US$1.4 billion are free to go – but can’t return

Much of the illicit funds in the record money laundering scandal came from illegal gambling and unlicensed money lending in China

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Armed Singapore police. The suspects who agreed to forfeit assets have been barred from returning, Singapore Police Force said. Photo: AFP

Published: 8:33am, 19 Nov 2024Updated: 8:46am, 19 Nov 2024

Singapore police ended their pursuit of 15 people involved in the country’s largest-ever money laundering scandal, after the suspects agreed to surrender a total of S$1.85 billion (US$1.4 billion) worth of assets to authorities.

A total of 17 individuals, who are all foreign nationals, have been at large since local police made a series of high-profile arrests of 10 other money launderers in August last year.

The suspects who agreed to forfeit assets have been barred from returning to Singapore, according to a statement from the Singapore Police Force on Monday.

The deal means the cases against the 15 people in the record S$3 billion scandal have been closed, with no charges brought against them. The police added that investigations into the remaining two foreign nationals are ongoing, and S$144.9 million worth of assets linked to them remain seized or effectively frozen.

Merlion Park, Singapore. The massive money laundering case rocked the Asian financial hub. Photo: Harvey Kong

In response to queries, the police force said it will withdraw Interpol notices filed against the 15 individuals. Singapore’s public prosecutor has advised that “it will be difficult to have the 17 foreign nationals extradited as their whereabouts are unknown and the evidence available may not be sufficient for extradition,” the police said.