Asia Sentinel

Asia Sentinel

Business/Economy

Singapore’s Crackdown: ‘Tip of the Iceberg’

Billions of hot money sloshing through banking system

Aug 19, 2023
∙ Paid
By: John Berthelsen

The monumental crackdown on money laundering that began in Singapore on August 15, possibly triggered by the Chinese government in its Operation Fox Hunt campaign to reel in stolen money estimated so far at S$1 billion, is only a tiny fraction of the billions, perhaps trillions, of dollars hidden in the island republic's banks.

How far…

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