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Explainer | Singapore’s US$1.3 billion money laundering case: what we know so far

  • Prosecutors say it’s one of the ‘most serious, if not the worst’ money-laundering cases in Singapore’s history – and more details could yet emerge
  • Read on for the latest on the suspects, the effect of the scandal on the city state’s reputation, and what the government has to say about it all

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Prosecutors have described the massive money laundering case as “one of the most serious, if not the worst” in Singapore’s history. Image: SCMP

Singapore’s US$1.3 billion money laundering scandal is the talk of the Asian financial world, and it could further balloon to involve more suspects and assets, going by the latest comments from prosecutors and officials.

As was the case with Malaysia’s 1MDB financial scandal, what has caught the public’s attention has been the types of luxury items and properties seized.
Included in the laundry list of seized assets are Singapore’s ultra-exclusive “good-class bungalows”, Bentley cars, Patek Philippe watches and even “Bearbricks” – collectible figurines of between 7cm and 70cm in length that can cost thousands of dollars.
Luxury watches seized during a police raid in Singapore last month as part of the money laundering crackdown. Photo: Singapore Police Force via Facebook/Handout via Reuters
Luxury watches seized during a police raid in Singapore last month as part of the money laundering crackdown. Photo: Singapore Police Force via Facebook/Handout via Reuters

So far, 10 foreign nationals aged between 31 and 44 have been arrested, charged and remain in custody amid ongoing investigations.

All 10 are of mainland Chinese origin, from the eastern province of Fujian, but hold various foreign passports. They are alleged to have ties with organised crime.

Here are the key things you need to know about what prosecutors say is “one of the most serious, if not the worst, money-laundering case in Singapore”.

Suspects and their seized assets

Of the 10 suspects, three are current Chinese nationals: a 44-year-old man named Zhang Ruijin, a 43-year-old woman named Lin Baoying and a 31-year-old man named Wang Baosen.

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