Singapore conducts $2.4B asset sale in major money laundering case

Singapore plans to sell over 80 properties and 1,000 luxury accessory items in auctions starting next month, as part of the liquidation of assets linked to the country's largest money laundering case involving SGD 3 billion (USD 2.4 billion). The assets were confiscated following raids in 2023, during which involved parties established family offices and purchased luxury assets in Singapore, selling some properties at discounted prices, including a waterfront land parcel sold for half its original price. Deloitte is overseeing the liquidation process. The properties on offer range from luxury estates to residential and commercial real estate, in an effort to recover funds connected to the crime.

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