Expenses Incurred to Preserve Assets Seized in One of Largest Anti-money Laundering Operations

15 Mr Saktiandi Supaat asked the Minister for Home Affairs (a) with regard to the assets seized in one of Singapore's largest anti-money laundering operations, what are the expenses that have been incurred to preserve the assets seized in August 2023; and (b) how are these expenses going to be covered.

Mr K Shanmugam: Expenses are incurred for the storage, maintenance and safeguarding of the seized assets, comprising properties, vehicles and luxury goods such as branded bags, watches and alcohol. This includes expenses for engaging specialised services from industry partners or service providers to oversee the handling, upkeep and value preservation of the assets. As of March 2024, Police has incurred about $646,282 in such expenses.

These expenses are borne by the state. They are covered by the forfeited cash and the proceeds of sale of the forfeited non-cash assets, which are channelled to the state.