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Singapore publishes national strategy to recover illicit funds, assets from criminals

( June 26, 2024, 06:13 GMT | Official Statement) -- MLex Summary: The Singapore government has published its approach to the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims. The strategy focuses on four aspects, from tracing the illicit funds to prompt seizure and confiscation, to delivering maximum recovery and restitution to victims and deterring criminals from using Singapore to hide, move, or enjoy their illicit assets. Between January 2019 and June 2024, Singapore seized S$6 billion ($4.4 billion) linked to criminal and money laundering activities, of which S$416 million has been returned to victims and S$1 billion forfeited to the state. The large bulk of the remainder is linked to still ongoing investigations or court proceedings.The full statement follows and the document is attached: ...

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