Singapore uncovers the largest Money Laundering case in history, involving an amount as high as 12.8 billion.

Singapore recently uncovered a shocking major Money Laundering case that has stunned the nation. As the investigation deepens, the amount involved continues to rise, from an initial 5.4 billion yuan to a staggering 12.8 billion yuan, setting a record in Singapore's history.

The case was first exposed on August 15. The Singapore police deployed more than 400 personnel to conduct a large-scale search operation across the country. During the operation, the police arrested 10 main suspects, and another 8 are at large and wanted.

The police have seized 110 properties, 62 luxury cars, a large amount of cash, and luxury goods. The funds in the confiscated bank accounts exceed 5.5 billion yuan, with cash exceeding 380 million yuan, as well as 68 gold bars and virtual assets worth 190 million yuan.

The 10 arrested suspects are all from Fujian, China, and are referred to as the "Fujian Gang." They have been operating in Singapore since 2017, residing in luxury areas and owning multiple high-end properties and shops.

Investigations show that this criminal gang employs various methods for Money Laundering. They convert illegal gains into legitimate income through means such as setting up shell companies, purchasing real estate, and laundering money through casinos. Some suspects even act as secretaries for over 2,300 companies to conceal the flow of illegal funds.

As the case deepens, more details come to light. These funds primarily stem from online gambling and fraud activities. Among them, two main suspects, Wang Shuiming and Su Haijin, are respectively "big shots" in the fields of online gambling and fraud.

Wang Shuiming operates multiple online gambling platforms in the Philippines and other places, with a workforce of over ten thousand employees. Su Haijin is active in social circles, frequently participating in charity events to raise his profile.

The case has exposed loopholes in Singapore's anti-money laundering and visa review processes. Several suspects hold passports from multiple countries, with some even being wanted fugitives in China. This has sparked widespread discussion in Singaporean society, with many concerned that this incident could affect the country's reputation.

The Singapore government has stated that it will take this case seriously and strengthen financial regulation. Some banks have already begun to tighten account opening and transaction reviews. Visa policies may also become stricter, especially for holders of certain small country passports.

For the cryptocurrency industry, as the case involves USDT transactions, regulatory efforts are expected to intensify further. Singapore has previously stated that it has no intention of becoming a hub for crypto activities.

According to Singaporean law, the assets involved in the case will be confiscated after the case is concluded. If any victims can prove ownership of the assets, they can apply to the court for their return. Once the defendant is convicted, they will serve their sentence in Singapore and will be deported after completing their sentence.

This major case not only exposed the loopholes in Singapore's financial regulation but also served as a wake-up call for other countries and regions. How to strengthen regulation while maintaining openness has become a common challenge faced by various countries.