3 days ago
- Business
- South China Morning Post
Singapore to sell Louis Vuitton, Hermès bags seized from money launderers
Singapore is set to sell an eye-watering variety of luxury items confiscated from money launderers who were convicted in the country's biggest laundering case.
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The local unit of consulting firm Deloitte has been appointed to manage the process of selling the non-cash assets, according to a statement on Tuesday by the police, who added they handed over more than 460 pieces of
luxury goods and 58 pieces of gold bars to the firm this week.
The items are among a broader haul of assets, including upscale real estate, cars and cash, seized in connection with the S$3 billion (US$2.3 billion) scandal that broke two years ago.
Luxury watches seized during an anti-money laundering raid in Singapore. Photo: Singapore Police Force/EPA-EFE
The gold bars, jade necklaces and over 10 luxury watches from brands like
Richard Mille and
Patek Philippe were displayed in a publicised handover. The event also featured dozens of luxury handbags, including
Hermès handbags and a limited-edition yellow pumpkin-shaped
Louis Vuitton bag created in collaboration with Japanese artist Yayoi Kusama.
Since the scandal, Singapore has moved to stem the fallout, with authorities imposing financial penalties on several of the world's biggest banks for lapses related to the case. Private bankers have also been charged for their alleged involvement in the scandal.
Vehicles seized during an anti-money laundering raid in Singapore in August 2023). Photo: EPA-EFE/Singapore Police Force
The government has proposed to strip money launderers of directorships and has probed law firms embroiled in the case.
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Authorities previously kick-started the process to sell the seized assets – which amounted to about S$2.79 billion at the end of 2024. While the bulk of it was in the form of cash and financial assets, numerous properties, vehicles and country club memberships have been sold. The proceeds are put in a de facto bank account of the Singapore government.
