Three Arrows Capital was one of the first high-profile cryptocurrency firms to collapse in 2022, filing for bankruptcy after being hit by a sharp sell-off in crypto markets.

Singapore has a 10-year 'certificate of entitlement' system, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour.

It says an inter-ministerial panel will be set up to review the anti-money laundering regime, reflecting learning points drawn from the case.

Channel NewsAsia cites challenges in industries such as healthcare and F&B.

The assets now include cash amounting to more than S$76 million, 68 gold bars, cryptocurrencies of more than S$38 million, more than 110 properties and 62 vehicles worth more than S$1.2 million.

The scale of the money laundering operation has shocked the wealthy Asian financial hub, and raised concerns over whether there are loopholes in its financial system.

Ng is permanently banned from performing any regulated activity under the Securities and Futures Act.

Former deputy prime minister Tharman Shanmugaratnam won 70.4% of votes to become Singapore's head of state.

Foreigners aged between 31 and 44 were arrested, from Cyprus, Cambodia, Dominica, China, Turkey and Vanuatu, with police tying the seizures to overseas organised crime, including scams and online gambling.

Last month, India surprised buyers by imposing a ban on exports of widely consumed non-basmati white rice, following a ban on broken rice exports last year.

Whomever wins will take over from Singapore's first female president, Halimah Yacob.

Lee Hsien Loong however expects positive economic growth this year.