Singapore will prosecute two Chinese bankers involved in the largest money laundering case in Singapore
Source: Ryanben Capital
Singapore revealed its largest money laundering case to date last year, with 10 foreign nationals sentenced. The Singapore authorities have now added three more defendants.
According to foreign media reports, Singapore is set to prosecute two Chinese former bankers starting Thursday (August 15). The two men are 26-year-old Wang Qiming and 35-year-old Liu Kai; the third accused is a 41-year-old Singaporean driver, Liew Yik Kit.
In August last year, Singapore uncovered a large-scale money laundering case, where a criminal gang from China laundered over $2.23 billion in online gambling proceeds through at least 16 financial institutions in Singapore. The Singapore authorities seized a total of 3 billion Singapore dollars in cash, properties, cryptocurrencies, and other assets last year. Ten individuals from China were sentenced to prison for money laundering and other crimes related to illegal overseas gambling activities, with more still at large.
Two Chinese Bankers, Previously Employed by Citibank or Julius Baer
Among the two newly accused Chinese nationals, the younger Wang Qiming was a former client manager at Citibank, with clients including two of the convicted money launderers. Singapore has filed 10 charges against Wang Qiming, including allegations that he assisted two criminals in creating false loan agreements to deceive Standard Chartered Bank and Citibank about the source of their deposits. He is also accused of receiving 482,000 Singapore dollars (approximately 2.85 million Hong Kong dollars) in cash on behalf of one of the criminals, involved in money laundering.
Additionally, Wang Qiming has been charged with obstructing justice for deleting WhatsApp records related to client conversations. Furthermore, he provided false information to immigration and checkpoint officials in 2021, claiming he had lost his passport, while in fact, it had been seized by the Singapore police.
Liu Kai is a client relationship manager at Julius Baer and is accused of inciting the only female defendant in the case, Lin Baoying, to use forged tax documents as supporting documents for opening an account.
Driver Allegedly Owns 4 Ferraris or Rolls Royces, Claims Employer Left No Valuables
The newly charged driver, Liew Yik Kit, is accused of falsely telling the police that his employer, who is on the run, left no valuables behind, while he actually owned four luxury cars belonging to the businessman: a Rolls Royce Phantom, a Rolls Royce Cullinan, a Ferrari F8 Spider, and a Ferrari Stradale. He ultimately disposed of these four luxury cars in September and October of last year.
Due to his failure to promptly inform the authorities, the Singapore police missed the opportunity to seize the four luxury cars, which constitutes an obstruction of justice.
Singapore Takes Money Laundering Through Its Financial System Very Seriously
David Chew, Director of the Commercial Affairs Department of the Singapore Police Force, stated in a statement that they take the laundering of criminal proceeds through Singapore's financial system very seriously. Those who assist clients in evading financial institutions' due diligence procedures or help clients forge documents to conceal the true nature of their assets must be severely punished under Singapore law.
Wang Qiming was granted bail of 25,000 Singapore dollars (approximately 148,000 Hong Kong dollars), while Liu Kai was granted bail of 15,000 Singapore dollars (approximately 89,000 Hong Kong dollars). The case will be reviewed again in September.
As for the earlier 10 convicted individuals in the money laundering case, they were sentenced to 13 to 17 months in prison. All have been deported and banned from re-entering Singapore.