Singapore's Bold Move Against Money Laundering

In an unprecedented step, Singapore authorities have announced the sale of seized luxury items, including Hermes handbags and gold bars, as part of a massive $2.3 billion money laundering case. The assets, now under the custody of Deloitte, include high-end watches and jewelry, marking a significant moment in the fight against financial crimes.

The Treasures Up for Sale

Among the items are a Hermès Birkin 25 Togo bag valued at S$30,000 and a Hermès Kelly Alligator bag with a price tag of S$70,000-120,000. The collection also boasts a Patek Philippe World Time Chronograph watch estimated at S$120,000 and a Richard Mille RM 67 exceeding S$400,000.

How the Sale Will Proceed

Deloitte is currently authenticating the items and exploring the best sales strategies, which may include public auctions or direct sales to brokers and jewelers. This process is a crucial step in liquidating assets from Singapore's largest money laundering investigation, which uncovered a vast illicit gambling operation.

The Impact of the Investigation

The case led to the conviction and deportation of ten individuals from China, with assets worth S$1.25 billion seized. The maintenance of these assets has already cost S$2.65 million, underscoring the scale of this operation.