Competing Claims for Assets Forfeited by Those Convicted in Money Laundering Case

Ms Sylvia Lim asked the Minister for Home Affairs regarding the assets forfeited by those convicted in the multi-billion dollar money laundering case, whether there have been any competing claims to the assets lodged with the courts thus far by foreign governments or parties.

Mr Speaker, Sir. To date, there have not been any competing claims to the forfeited assets lodged with the Courts, by foreign governments or parties.

Thank you, Sir. Two questions. One, can the Minister of State confirm that these assets forfeited in the Courts will now go to the consolidated fund for general Government use? The second question is, is she able to confirm that now that they have been forfeited, is it too late to admit any other claims to these assets?

Yes, the forfeited assets have been placed with the consolidated account under the Accountant-General's Department. On the point as to whether or not foreign parties can still assert a claim, foreign jurisdictions can make a formal request to Singapore for mutual legal assistance. Through this process, they can assert a claim to seize assets.

Singapore can provide mutual legal assistance to foreign jurisdictions which include sharing information in relation to the movement of the assets, the enforcement of foreign confiscation orders and we can also work together with foreign authorities on issues of assets sharing and the return of assets on a case-by-base.

Yes, the funds are in the consolidated account. Yes, there is still an open process by which foreign jurisdictions can still make a formal request to Singapore for mutual legal assistance.