Singapore’s Largest Money Laundering Scandal: Key Seized Assets and Next Steps

Summary:
In Singapore’s largest money laundering case, the final defendant pleaded guilty, shifting focus to handling the S$3 billion ($2.2 billion) in forfeited assets. Authorities must decide the fate of luxury properties, collectible items, and significant sums in bank accounts, with Credit Suisse (now UBS) and Citigroup holding the largest amounts. Singapore’s financial sector, aimed at attracting the wealthy, now faces scrutiny amid concerns of dirty money. The confiscated assets include luxury properties, rare alcohol, cryptocurrencies, high-end handbags, watches, cars, and collectible items. The challenge lies in auctioning these assets without market disruption or incurring further maintenance costs, already exceeding S$640,000.