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29 May, 2024
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Cyprus nationals arrested for money laundering in Singapore

Authorities launch simultaneous raids

Charalambos Stylianou

In a significant crackdown on financial crimes, Singaporean authorities have apprehended 10 foreign nationals on suspicion of money laundering and forgery. The case centers around a staggering 1 billion Singapore dollars, encompassing cash, high-end vehicles, and other valuable assets. This operation is part of Singapore's ongoing efforts to curb illicit financial activities and maintain the integrity of its financial sector.

The arrests took place following coordinated raids across Singapore, a move aimed at capturing the suspects simultaneously. Law enforcement officials worked tirelessly to secure key evidence and detain the individuals involved. Notably, among those apprehended are individuals holding Cypriot citizenship, further underscoring the international nature of the investigation.

The combined estimated value of these assets exceeds an impressive 815 million Singapore dollars.

The crackdown has yielded substantial results, with authorities issuing freezing orders for a total of 94 properties and 50 vehicles. The combined estimated value of these assets exceeds an impressive 815 million Singapore dollars. Additionally, a wide range of items including luxury bags, jewelry, watches, and electronic devices were confiscated. Authorities also uncovered relevant documents detailing virtual assets and electronic evidence related to the alleged financial crimes.

The arrested individuals, whose ages range from 31 to 44 years old, hail from diverse backgrounds, with nationalities spanning from China and Turkey to Cyprus, Cambodia, and Vanuatu, as disclosed by the Singaporean Police. This highlights the multinational scope of the alleged money laundering operation.

In response to these developments, the Monetary Authority of Singapore has taken a proactive approach. It has initiated communication with financial institutions that were involved in handling the suspicious funds. The authority emphasizes the importance of maintaining stringent oversight over these institutions to prevent such incidents in the future.

Meanwhile, Eirini Charalambidou, a prominent Member of the Cyprus House of Representatives from the AKEL party, has raised concerns about the potential international fallout from this case. Charalambidou has called for immediate action to manage the potential negative impact on the reputation of Cyprus. She specifically refers to the abuse of the 'Golden Passport' program and urges the competent Minister to explore measures, including the revocation of passports, to mitigate any stigmatization.

As the investigation unfolds, the global financial community closely watches Singapore's decisive efforts to combat money laundering and protect the integrity of its financial system. The arrests send a strong signal that the country remains committed to upholding international financial standards and ensuring that its financial institutions remain above board in their operations.

Cyprus  |  announcement  |  arrest  |  Singapore  |  police

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