Singapore authorities arrested ten foreigners in a major money laundering bust, confiscating assets worth roughly $735 million.

On Aug. 16, Singaporean police arrested ten foreign nationals with Chinese passports, accused of laundering approximately S$1 billion ($735 million) in Singapore.

During their investigations, officials seized assets, including 94 properties, 50 vehicles valued at over S$815 million, and 35 bank accounts totaling nearly S$110 million.

Additionally, 11 documents linked to various cryptocurrency accounts were also confiscated.

The Monetary Authority of Singapore is currently working with the police to identify contaminated funds and assets in the country’s financial system.

“The case has highlighted that as a global financial hub, Singapore remains vulnerable to transnational (money laundering and terrorism financing) risks” and that the regulator needs to work further with financial institutions to “strengthen our defenses against these risks.”

Ho Hern Shin, a deputy managing director of the MAS

Recently, as Singapore emerges as a prominent cryptocurrency hub in Asia, the financial authority initiated a three-year plan to foster the country’s crypto and fintech ecosystem.

In the last months, Singapore has become a crypto hub in the Asian region, leading the growth of the cryptocurrency ecosystem in the country.