Early on the morning of August 15 2023, more than 400 Singaporean police officers raided scores of luxury properties in the city-state’s most exclusive neighbourhoods.
The operation followed a tip-off that several foreign nationals had been laundering huge amounts of money. Police seized 94 properties and 50 vehicles, along with cash, luxury handbags, jewellery, two gold bars and cryptocurrencies with a total value of S$3bn ($2.2bn).
The scandal shocked Singapore. But what embarrassed the country’s authorities most was that six family offices — lightly regulated, private wealth-management companies for rich individuals — linked to the money-launderers had not just been used to manage illicit funds, but also received tax benefits from the state.