Investigators have found evidence that suggests the amount of illicit funds involved may now exceed $2 billion in Singapore, which is still dealing with a serious money-laundering scandal. The scandal's close ties to the illegal gambling sector raise questions about how well the current system of financial regulation is working.
Initial asset and cash seizures totaling US$740.4 million were made as a result of the investigation, which got underway in August. As the authorities descended further into the operation, that quickly increased to US$1.75 billion.
Investigators now think that the size of the money laundering operation may be much larger than initially thought as new evidence keeps coming to light. According to the most recent estimate, there has been a $2.04 billion increase in seized cash and assets.
Initial asset and cash seizures totaling US$740.4 million were made as a result of the investigation, which got underway in August. As the authorities descended further into the operation, that quickly increased to US$1.75 billion.
Investigators now think that the size of the money laundering operation may be much larger than initially thought as new evidence keeps coming to light. According to the most recent estimate, there has been a $2.04 billion increase in seized cash and assets.
