Singapore to sell Louis Vuitton, Hermès bags seized from money launderers
The sale of confiscated watches from brands like Richard Mille and Patek Philippe is also part of Singapore’s largest money laundering case
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.
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.
The government has proposed to strip money launderers of directorships and has probed law firms embroiled in the case.
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.