SINGAPORE, June 26, 2024 (BSS/AFP) - Singapore has seized S$6 billion ($4.4 billion) linked to crime and money laundering since 2019, the wealthy city state said Wednesday, after a massive dirty money scandal marred its squeaky clean reputation last year.

Singapore conducted multiple raids last year in a S$3 billion money laundering case, one of the world's largest, which resulted in the seizure of properties, cars, and luxury goods as well as the arrest of several foreigners.

"As an international financial and business hub, we recognise that we face greater money laundering and terrorism financing risks," Prime Minister Lawrence Wong said Wednesday at an event hosted by the Financial Action Task Force, a global financial crime association.

"But we are determined to do what is needed to respond to these risks and safeguard Singapore's reputation as a trusted financial centre."

The report, released as part of the Southeast Asian nation's efforts to stop the flow of criminal money, said a large number of cases in Singapore involved foreign crime syndicates employing sophisticated methods.

Of the S$6 billion seized, about S$416 million has been returned to victims and S$1 billion forfeited to the state, the report said.

It added that investigations or court proceedings were ongoing for the bulk of the remaining money.

Last week, financial authorities said the banking sector, including wealth management, was "assessed to pose the highest money laundering risks to Singapore".

They added that banks were "more easily exploited by criminals due to their role in facilitating large volumes of transactions in the financial system and servicing customers with higher money laundering risks".