SINGAPORE, Oct 3 (Reuters) - Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion).
The government will set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case, she said.
She was one of three cabinet ministers responding to almost 60 questions filed by lawmakers on the case.
The case had been on the radar of police since 2021, after the filing of suspicious transaction reports by financial institutions, Teo said.
"We started investigations because we suspected that offences had been committed in Singapore," Teo added.
Persons:
Josephine Teo, Indranee Rajah, Teo, Xinghui Kok, Martin Petty, Clarence Fernandez, Alison Williams
Organizations:
Thomson
Locations:
SINGAPORE, Singapore, China