Singapore: Does ‘Forfeiture For Freedom’ Work?

In an abrupt denouement to the S$3 billion money laundering affair in Singapore, criminal investigations have been closed against 15 of 17 foreign nationals of Chinese origin who had absconded, forfeiting S$1.85 billion in financial wealth and assets. The city-state has concluded its probe into the case, which had garnered significant attention since August 2023, marking the end of a long-running scandal that shook the financial sector.

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