SG is money-laundering hub

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$3b money laundering case: Last of 10 people to plead guilty given longest jail term of 16 months​

Cypriot national Wang Dehai agreed to forfeit more than $49 million, or about 90 per cent of his seized assets, to the state. PHOTO: CHINA POLICE
Wong Shiying and Nadine Chua

Jun 07, 2024

SINGAPORE – The last of the 10 foreigners to plead guilty in the $3 billion money laundering case was sentenced to 16 months’ jail – the longest term meted out so far in the case.
Cypriot national Wang Dehai, 35, who pleaded guilty on June 7 to one money laundering charge, agreed to forfeit more than $49 million, or about 90 per cent of his seized assets, to the state.
Five other charges, including three counts of making a false statement to the Ministry of Manpower’s Controller of Work Passes, were taken into consideration during sentencing.
Deputy Public Prosecutor (DPP) Louis Ngia said more than $54 million worth of assets, such as vehicles, cryptocurrencies and luxury items, had been seized from Wang. They include assets funded by Wang but held in the name of his wife, Su Caihuang, said the prosecutor.
The court heard that since 2012, Wang was involved in an illegal remote gambling business based in the Philippines that targeted punters in China. He started out as a customer service staff member before becoming a promoter and was given a 3 per cent share in the annual profit of the business.
In 2016, he was given 80 million yuan (S$15 million) for his role in the business. He received HK$8 million (S$1.4 million) in 2022.
Through their investigations, the police identified individuals involved in this online gambling business, said the prosecutor. They include Su Yongcan, who is Wang’s brother-in-law, and Wang Huoqiang, Wang’s cousin. They both have warrants of arrest and Interpol red notices issued against them for money laundering offences.

Two of the 10 convicted in the money laundering case are also connected to Wang Dehai through the illegal gambling business. They are Su Wenqiang, Wang’s cousin, who was recruited into the business in 2012, and Su Jianfeng, Su Yongcan’s brother-in-law, who joined the business in 2013.
Su Wenqiang was the first to plead guilty in the money laundering case and was sentenced to 13 months’ jail in April. He has since been deported to Cambodia. Su Jianfeng admitted to money laundering and forgery on June 6 and will be sentenced on June 10.
The DPP said Wang relocated to Singapore in 2018.

On his money laundering charge, the prosecution said Wang possessed a silver Rimowa suitcase that contained more than $2.2 million in cash.
After he was arrested on Aug 15, 2023, he was questioned by the police on the suitcase’s contents. He initially claimed the suitcase belonged to his wife, but later admitted the cash was his when instructed to open it.
In a statement to the police on Aug 18, 2023, Wang claimed the money came from cryptocurrency sales and mahjong winnings, and from funds given to him by his brother-in-law, Su Yongcan. In another statement on Aug 25, 2023, Wang said the money came entirely from Su Yongcan in the form of a loan.

DPP Ngia said Wang could not substantiate any of his claims about the sources of the cash, and failed to satisfactorily account for how he came by the money.
Seeking 16 to 17 months’ jail, the prosecutor said Wang laundered a total of about $25 million.
The DPP added that Wang’s offences involved a transnational syndicate and that his conduct reflected a broader abuse of Singapore’s financial infrastructure.
Defence lawyer Megan Chia sought 13 months’ jail for her client, and said in mitigation that Wang and his wife came to Singapore for their three children to be raised and educated here.
She said Wang’s forfeited assets include his family home – a condominium apartment in Paterson Hill, near Orchard Road. She added that when he moved to Singapore, he had ceased to be involved in illegal online gambling operations, though he still received payouts.
“There was no malicious intent, they wanted to lead a simple life in Singapore,” she added.

District Judge Sharmila Sripathy-Shanaz said in response that the defence’s submissions blatantly ignored the fact that Wang’s family home was bought using $23 million in illicit funds.
“I am somewhat perturbed by the (defence’s) characterisation of his family here in Singapore,” the judge added.
Before meting out the sentence, the judge said she found no force in the defence’s contention that the “chain reaction” these proceedings have wrought on Wang’s family is a factor that warrants moderation of the sentence.
“Defence counsel highlights the fact that Mr Wang and his family will be expelled from Singapore and are likely to be barred from re-entry,” she said.
“I can only say that Mr Wang sealed his family’s fate when he deliberately and flagrantly chose to flout the laws of this country.”
Wang was placed on China’s wanted list in 2017 for alleged links to an illegal gambling gang.
In the same notice, Su Jianfeng and Su Wenqiang were also named as major suspects.

More than $940 million in assets have been forfeited from the 10 convicted foreigners.
The police said on June 5 that the $3 billion in cash and assets seized in Singapore’s largest money laundering case belonged to 27 individuals, which include the 10 convicted. The remaining 17 people are under investigation.
Of the 10 convicted, Su Wenqiang, Su Haijin, Su Baolin, Wang Baosen, Vang Shuiming, Zhang Ruijin, Chen Qingyuan and Lin Baoying were jailed for between 13 and 15 months each.
Four of them – Su Wenqiang, Wang Baosen, Su Baolin and Su Haijin – were deported to Cambodia between May 6 and 28. Vang Shuiming was deported to Japan on June 1.

 

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$3b money laundering case: 10 convicted, 17 on the run; police are after the rest​

The police seized and issued with prohibition of disposal orders for $3 billion in cash and assets belonging to the 27 individuals. PHOTOS: SINGAPORE POLICE FORCE
Andrew Wong and Nadine Chua

Jun 09, 2024

SINGAPORE - Investigations into the $3 billion money laundering case and the wider network of people linked to it will continue, with the police flagging to their foreign counterparts financial information of the suspects on the run for possible action.
On June 7, Cypriot national Wang Dehai was sentenced to 16 months’ jail over one money laundering charge. He is the last of the 10 foreigners arrested in connection with the case to be convicted.
The authorities are now turning their attention to the 17 individuals who fled the country amid the probe, and others, including Singaporeans, who helped facilitate the nation’s largest money laundering case.
In a reply to queries from The Straits Times, the Singapore Police Force (SPF) said that while their enforcement powers are limited to Singapore’s jurisdiction, they do proactively work with foreign law enforcement agencies (LEAs) when tackling transnational crimes.
“In relation to the ongoing $3 billion anti-money laundering probe, the SPF has been actively sharing information through global policing networks, including seeking assistance on the whereabouts of the wanted persons, two of whom currently have Interpol red notices issued against them,” said an SPF spokesman.
The police previously identified the two wanted individuals as Su Yongcan and Wang Huoqiang.
Su Yongcan, 33, is both Su Jianfeng and Wang Dehai’s brother-in-law. Wang Huoqiang, 29, is Wang Dehai’s cousin.

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The authorities have seized or frozen around $161 million tied to Su Yongcan, and around $5.2 million from Wang Huoqiang.

(Clockwise from top left) Su Shuiming, Su Shuijun, Su Yongcan, Wang Huoqiang, Su Binghai and Wang Bingang are among the 17 individuals who are on the run. PHOTOS: ZHOUCUN, ZIBO POLICE, SINGAPORE POLICE FORCE, THE PEAK
SPF said the Commercial Affairs Department’s (CAD) Suspicious Transaction Reporting Office (STRO), which is Singapore’s financial intelligence unit, is also sharing information with foreign counterparts.
“STRO had also worked with foreign counterparts to exchange financial information on the wanted persons, which could be helpful for investigations by local LEAs.

“The STRO had disseminated analyses of financial information on the same persons to local LEAs for possible enforcement or regulatory action,” said the SPF spokesman.
ST understands the police will also investigate individuals who helped the 10 foreigners and their associates register shell companies, and those who conspired with the convicted money launderers to falsify sources of wealth and legitimacy.
Other individuals who failed to flag suspicious transactions, including those working for real estate companies, will also be questioned.
ST understands that since August 2023, some of the nearly 60 real estate agents suspected to be involved in the sale or rental of the 207 properties related to the case have already been interviewed by the police.

Meanwhile, the Monetary Authority of Singapore (MAS) will review the actions of financial institutions that held deposits linked to the 10 foreigners and their associates.
A report by Bloomberg showed the deposits were held in 16 banks, with Credit Suisse having the largest portion at $79.6 million, and Citigroup a close second at $79.3 million.
Local bank UOB was third, with $41.6 million.
A spokesman for MAS said the regulatory body is conducting “detailed supervisory reviews and inspections of the financial institutions” linked to the case.
“We will assess if the financial institutions have implemented adequate and appropriate controls against money laundering and terrorism financing risks, and will take action if they have fallen short of MAS’ requirements, as we have done in past cases,” added the spokesman.
Banks in Singapore are obliged to file reports to the STRO if they are unable to verify the source of wealth, have suspicions about the transactions, or suspect the transactions could be linked to a crime.
Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, it is an offence to fail to file a suspicious transaction report.
The offence carries a fine of up to $250,000 and a jail term of up to three years for individuals. For entities, the penalty is a fine not exceeding $500,000.

The bank employee​

Wang Qiming, a former relationship manager at Citibank, is among those in the crosshairs.
Court documents show he allegedly helped Su Baolin, one of the 10 foreigners convicted, liquidate his cryptocurrency holdings and transfer more than $657,000 into the convict’s Standard Chartered account in December 2020.
The authorities previously said that the first signals of the money laundering network were picked up some time in 2021, after some suspicious transaction reports were filed by financial institutions and companies.
Wang Qiming was also linked to Vang Shuiming, another one of the 10 foreigners convicted in the case. Police investigators found that he was Vang’s relationship manager at Citibank in 2021.
In August 2021, Wang Qiming allegedly helped Vang submit a forged bank statement from China Merchants Bank to Citibank as proof of the source of his wealth.
Vang did not possess a China Merchants Bank account, investigations showed.
In October 2021, Wang Qiming was called in by the police and subsequently arrested.
He has been on bail since Nov 16, 2021, but the CAD does not consider him a flight risk as Wang Qiming does not have substantial assets at his disposal and foreign connections that could help him abscond.

As the authorities dug deeper into the network of people around Wang Qiming, they found Su Haijin.
The Cypriot national was linked to Su Baolin via two companies in Singapore. They were also part-owners of a luxury yacht.
The two men, who are originally from China, came from the same area in Xiamen where Lin Baoying lived. Lin is the only woman out of the 10 convicted in the case.
Police learnt the group was close. Su Haijin and his wife Wu Qin, Su Baolin and his wife Ma Ning, Lin Baoying and her boyfriend Zhang Ruijin, who was also convicted, had even travelled overseas together on holiday.
Investigators also found links between Su Haijin, Su Baolin and Vang.
While it was clear they had unexplained wealth, it was less obvious how they got their fortune.

(From left) Su Haijin, Su Baolin, Vang Shuiming and Lin Baoying. PHOTOS: COURT DOCUMENTS

Gambling syndicate​

As the authorities widened the dragnet, links to criminal syndicates were discovered.
Su Jianfeng, Wang Dehai and Su Wenqiang – all three convicted in the case – had worked at the same online gambling syndicate in the Philippines from 2015.
China’s Ministry of Public Security also investigated Su Yongcan and Wang Huoqiang. They were all put on the wanted list in 2017 for alleged links to the gambling syndicate.
The gambling connection continued with Wang Baosen, who was also convicted in the Singapore case.
He had worked with his cousin, Wang Bingang, at Hongli International Entertainment, a gambling site operating from the Philippines and Cambodia.
Meanwhile, digging deeper into Wang Dehai revealed he was a director at Cambodian company S.C.W.D. Construction, which shares the same address as Chen Qingyuan’s Cambodian company Skykey International.

Wang Dehai (left) was a director at Cambodian company S.C.W.D. Construction, which shares the same address as Chen Qingyuan’s Cambodian company Skykey International. PHOTOS: COURT DOCUMENTS
Chen was also listed as wanted for fraud in 2019 by the authorities in Anxi, Fujian.
It was also clear the network of money launderers was large. While 10 foreigners were arrested on Aug 15, 2023, 17 others managed to get away.
But the police seized and issued prohibition of disposal orders for $3 billion in cash and assets belonging to all 27 of them.
Foreign nationals Su Shuiming and Su Shuijun, who presented themselves as successful businessmen, were among those who fled from Singapore.
The pair alone are responsible for more than $530 million of the cash and assets seized in the case.
The two men have been on the run from the authorities in China since September 2023, for their alleged links to an online gambling syndicate.
But they have considerable means. ST earlier reported that Su Shuiming and Su Shuijun own more than $31 million in properties in Dubai.
Others on the run include Su Binghai, a close friend of Su Jianfeng, and Su Fuxiang.

Shell companies​

Corporate service providers who helped the network register a series of shell companies to explain their wealth have also been hauled in by the police.
Among them is naturalised Singaporean Wang Junjie, whom ST first exposed in September 2023 for his links to three of the convicts.
At one point, Wang Junjie held director or secretarial roles in 185 companies, including nine which were linked to Su Haijin, Su Baolin and Vang.
The Accounting and Corporate Regulatory Authority (Acra) sanctioned him in January, cancelling his registration as a qualified individual and filing agent, but his troubles do not end there.
He was named in charges related to Su Haijin and Su Baolin, for allegedly conspiring with the two men separately to make false and inflated representations to the Inland Revenue Authority of Singapore.
Acra also cancelled the licences of Mr Jackson Lim Wei, another corporate service provider, as well as his company, Sprout Corporate Services.
He was listed as the secretary in five of Su Binghai’s companies, but checks by ST found Mr Lim is also linked to companies tied to Su Jianfeng’s wife Chen Qiuyan, Chen Qingyuan’s girlfriend Wang Qiujiao, Wang Dehai’s wife Su Caihuang, Su Haijin’s wife Wu Qin and Su Lihong, one of the associates named by the Ministry of Law.

Meanwhile, Philippine national Quevada Jennifer Racasa has left Singapore.
She had given her details to be registered as the director of seven companies linked to Su Shuiming and Su Shuijun.
The money launderers had amassed a substantial portfolio of assets overseas. Su Haijin alone admitted to owning 10 properties in London, Cambodia, Cyprus and Macau, worth more than $14 million.
ST in May reported on a data leak which showed he also owns 11 properties in Dubai worth more than $15.4 million.
Lawyer Victoria Ting, associate director at Setia Law, said Singapore’s Attorney-General (AG) can request foreign authorities to enforce any confiscation orders made by a Singapore court to confiscate overseas properties.
Said Ms Ting: “Even before such an order is made, the AG can also request foreign authorities to freeze that property pending the conclusion of the court case.”
“The AG’s discretion in this regard is regularly exercised, but like all inter-state dealings in the realm of mutual legal assistance, its effectiveness depends on certain conditions, such as the extent of reciprocity of assistance.”
Former director of the Corrupt Practices Investigation Bureau Soh Kee Hean, who is currently associate professor at the Singapore University of Social Sciences, said Singapore may work with foreign jurisdictions if there is information showing a link between the two countries.
“For example, if money from a suspect in Singapore was transferred to Country X for his business venture, whether legal or illegal, the Singapore authorities may get involved,” said Prof Soh, adding that foreign counterparts could similarly ask for assistance from the authorities here.
He added: “So far, Singapore is the only country to take action.
“As this is a transnational crime, it would be good to see other countries take action against the 10 money launderers and other people for predicate crimes and money laundering in their jurisdictions.”

Tighter laws​

Meanwhile, the Ministry of Home Affairs is looking to strengthen the law to enhance the authorities’ abilities to track down and prosecute money launderers.
This will be done through a Bill to amend the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, under which all 10 foreigners in this money laundering case have been convicted.
The Bill will also allow sectoral regulators to access suspicious transaction reports filed by their regulated entities, to better detect money laundering activities.
To further tighten scrutiny on the close to 3,000 companies providing corporate services, the Ministry of Finance and Acra have proposed a new Corporate Service Providers Bill to tighten the scrutiny on corporate service providers.
Under this law, failure to comply with anti-money laundering or countering the financing of terrorism obligations could see companies and their senior management fined up to $100,000 per breach if convicted.
On the real estate front, property agencies and agents have been reminded to conduct due diligence checks on their clients when they are engaged to facilitate property transactions.
According to the Council for Estate Agencies, agents are required to verify the identity of their clients and assess the risk of their clients being involved in money laundering activities.

The fallout has been significant. Those dealing with luxury real estate said the market for such homes has slowed down.
Sales of commercial shophouses saw their worst quarter in 13 years in the final three months of 2023, as the market turned cautious after the money laundering case came to light.
Caveats were filed for just 15 transactions that quarter, compared with 37 deals between July and September.
In terms of transaction value, the deals valued at $95 million from October to December 2023 represented a 70 per cent plunge from nearly $321 million recorded in the same period in 2022.
In January, ST reported that 10 shophouses purchased by Su Binghai and Su Fuxiang were put on the market by DBS Bank, which was trying to recover repayments of its loans.
In October 2023, Second Minister for Home Affairs Josephine Teo said the Government is under no illusion that dirty money can always be kept out, adding that Singapore needs to respond decisively when such activities are uncovered.
“This case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals.
“But it also shows that our system is able to detect suspicious individuals and activities, and that when we do, we have the resolve and capabilities to track them down, and take them to task,” she added.

Those convicted​

Nine of the 10 convicted in the case have been sentenced to between 13 and 16 months’ jail.
Su Jianfeng, the man who is said to have helped broker property deals for a number of the convicts and their associates in Dubai, will be sentenced on June 10.
He pleaded guilty to one charge of money laundering and one count of forgery on June 6.

Su Wenqiang, 32​

• Cambodian national, held passports from China and Vanuatu
• Pleaded guilty on April 2 to two money laundering charges
• Sentenced to 13 months’ jail
• Forfeited around $6 million worth of assets to the state
• Deported to Cambodia on May 6

Su Haijin, 41​

• Cypriot national, held passports from China and Saint Lucia
• Pleaded guilty on April 4 to one charge of resisting arrest and two money laundering charges
• Sentenced to 14 months’ jail
• Forfeited more than $165 million worth of assets to the state
• Deported to Cambodia on May 28

Wang Baosen, 32​

• Chinese national, held a passport from Vanuatu
• Pleaded guilty on April 16 to two charges of money laundering
• Sentenced to 13 months’ jail
• Forfeited his assets worth $8 million to the state
• Deported to Cambodia on May 6

Su Baolin, 42​

• Cambodian national, held a passport from Vanuatu
• Pleaded guilty on April 29 to two charges for money laundering and one for conspiring to make false representations
• Sentenced to 14 months’ jail
• Forfeited about $65 million to the state
• Deported to Cambodia on May 25

Zhang Ruijin, 45​

• Chinese national, held a passport from Saint Kitts and Nevis
• Pleaded guilty on April 30 to one money laundering charge and two forgery-related charges
• Sentenced to 15 months’ jail
• Forfeited about $118 million of his assets to the state

Vang Shuiming, 43​

• Turkish national, held passports from China, Vanuatu
• Pleaded guilty on May 14 to two counts of money laundering and one forgery-related charge
• Sentenced to 13 months and six weeks in jail
• Forfeited about $180 million worth of assets to the state
• Deported to Japan on June 1

Chen Qingyuan, 34​

• Cambodian national, held passports from China, Dominica
• Pleaded guilty on May 23 to two money laundering charges and one forgery-related charge
• Sentenced to 15 months’ jail
• Forfeited around $21 million worth of assets to the state

Lin Baoying, 44​

• Chinese national, held passports from Cambodia, Dominica and Turkey
• Pleaded guilty on May 30 to two forgery-related charges and one money laundering charge
• Sentenced to 15 months’ jail
• Forfeited around $154 million worth of assets to the state

Su Jianfeng, 36​

• Vanuatu national, held passports from China and Saint Kitts and Nevis
• Pleaded guilty on June 6 to one charge of money laundering and one forgery charge
• Forfeited over $178 million worth of assets to the state
• Sentencing adjourned to June 10

Wang Dehai, 35​

• Cypriot national, held passports from China, Cambodia and Vanuatu
• Pleaded guilty on June 7 to one money laundering charge
• Sentenced to 16 months’ jail
• Forfeited around $49 million worth of assets to the state

 

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Singapore banks probe rich clients after $3 billion money laundering case​

The gang laundered proceeds from online gambling through at least 16 financial institutions in Singapore. PHOTO: ST FILE

Jun 10, 2024

SINGAPORE – Citigroup, DBS Group Holdings and other banks caught up in Singapore’s biggest money laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter.
Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their background and sources of funds, said the people who asked not to be identified discussing private matters.
The moves, which are voluntary, show how lenders are trying to close loopholes that enabled a group of criminals from China to launder more than $3 billion in proceeds from online gambling through at least 16 financial institutions in Singapore.
The scandal has tarnished Singapore’s image and exposed weaknesses in how local and foreign banks and brokerages screen their clients.
The Monetary Authority of Singapore (MAS) recently completed on-site inspections of some banks that were involved in the case.
Lenders that had the most dealings with the criminals – through deposit accounts, loans and other financial services – are expected to face fines and other punitive measures from the financial regulator after its review concludes, some of the people said.
MAS will assess if the financial institutions have implemented adequate and appropriate controls against money laundering and terrorism financing and will take action if they have fallen short of requirements, as it has done in past cases, an MAS spokesperson said in response to questions from Bloomberg News.

Supervisory engagements are ongoing, the spokesperson added.
After the money laundering case became public in August 2023, the Singapore Government set up an inter-ministerial committee to review its anti-money laundering regime and strengthen defences in sectors, including with financial institutions, property agents and precious-metals dealers.
The assets seized by the authorities included cash, gold bars, jewellery, cars, and residential and commercial properties.

All 10 of the accused in the case have pleaded guilty, and have been sentenced to prison for 13 to 17 months. Another 17 people are under investigation and remain at large.
MAS inspected several banks at their premises and interviewed staff to identify potential weaknesses in their compliance checks.
The banks linked to the case did more than take deposits. Some lent to the criminals’ locally incorporated businesses, arranged mortgages or helped them with investments, according to court documents.
The financial regulator also asked banks that were not linked to the case to have their know-your-customer measures reviewed by external consultants, some of the people familiar with the matter said.
The 10 convicted individuals were linked to accounts across 16 financial institutions operating in Singapore that held more than $370 million in deposits and investments.

The banks that held the most assets include Credit Suisse, Citigroup’s local unit and UOB.
At Citi, wealth bankers have been given a month to complete training that covers money laundering red flags, according to one of the people.
The warning signs covered in the Citi training materials seen by Bloomberg News include clients or prospects from China’s Fujian and Guangdong provinces who do not speak English, yet carry “golden” passports from countries such as Turkey, Saint Kitts and Nevis, or Vanuatu.
Suspicious transactions include significant transfers from Hong Kong-based firms with no internet presence that are labelled “loan repayments” to customers of the US bank.
“Citi provides regular training to all staff on various topics including anti-money laundering,” a bank spokesperson said.
“We are committed to ensuring that our staff are informed of emerging risks and potential issues to better serve our clients.”
DBS is also among banks tightening their processes for vetting major transactions by clients, according to the people.
The country’s largest bank had about $100 million in exposure, mainly from financing property purchases.
A DBS spokesperson said anti-money laundering processes are evolving to keep up with changes in how criminals act, as well as regulatory and industry developments.
“Criminals will adapt their behaviour now that there has been discovery of their methods, so we will need to continue thinking about how to stay one step ahead,” the spokesperson added.

Fujian gang​

Several former Citi customers were among those found guilty of money laundering.
They were part of the so-called “Fujian gang”, as all of the accused hail from the southern province in China.
Zhang Ruijin, a Chinese national with a Saint Kitts and Nevis passport, had six accounts with Citi, and six others with OCBC Bank, DBS, and the Industrial and Commercial Bank of China, according to court documents.
Zhang, who had about $131 million in assets seized, moved his funds from China to Singapore via Hong Kong, and forged documents to deceive his banker at Malaysian lender CIMB Group Holdings, according to the police report. He pleaded guilty and was sentenced to 15 months in jail.
UBS Group, which acquired Credit Suisse in 2023, is also among the banks providing additional staff training, said the people.
Vang Shuiming, who had the most assets seized in the arrests, had $76 million in Credit Suisse in personal accounts, as well as those of his wife and related firms.

Additional checks​

OCBC has implemented several measures, including the enhancement of its risk-rating methodology and source of wealth review processes, said Ms Loretta Yuen, the bank’s head of group legal and compliance.
“As part of our ongoing monitoring of customer activity, we already engage customers to seek clarification on any suspicious behaviour and consider their explanations before taking further action,” she added.
Some bankers have bristled at the additional scrutiny.
The safeguards are a box-ticking exercise that may not help curb Singapore’s exposure to money laundering, some of the people said. Banks not involved in the case had only a couple of months to hire an external reviewer, they added.
Bankers have also complained about the additional checks on new clients’ sources of funds and the extra challenges in monitoring accounts, according to some of the people.
Intelligence and information from suspicious transaction reports filed by financial institutions had helped alert the police to illicit activities in the recent money laundering case, MAS said in 2023. BLOOMBERG

 

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$3b money laundering case: Su Jianfeng given 17 months’ jail, last of 10 to be dealt with​

Vanuatu national Su Jianfeng, who is originally from China, had pleaded guilty on to money laundering and forgery. PHOTO: FIDU PROPERTIES
Andrew Wong

Jun 13, 2024

SINGAPORE – Dubai property broker Su Jianfeng was sentenced to 17 months’ jail on June 10, making him the last of the 10 foreigners arrested in an anti-money laundering blitz in August 2023 to be sent to jail.
The 36-year-old Vanuatu national, who is originally from China, pleaded guilty on June 6 to money laundering and forgery.
Another 12 charges were taken into consideration. They range from forgery and money laundering to manpower-related offences for hiring a personal chef without a valid work pass.
District Judge James Elisha Lee on June 10 said Su demonstrated a high degree of disregard for the law in Singapore, with the charges showing that he persistently committed the acts over a significant period of time.
As part of his sentence, Su agreed to forfeit $178.9 million of his assets to the state. His forfeited assets represent 95.5 per cent of the $187 million fortune seized from him and his wife Chen Qiuyan.
At the conclusion of Su’s sentencing, Mr Tan Kiat Pheng, chief prosecutor of the Attorney-General’s Chambers, said in a statement that the amounts involved make this one of the largest money laundering cases that have been prosecuted in the nation.
Said Mr Tan: “The swift prosecution of these 10 cases is a strong message to would-be criminals that Singapore will not tolerate attempts to flout our laws.

“We will take firm and swift action against those who exploit our system to launder illicit gains or commit white-collar crimes.”
Court documents showed that just after the couple relocated to Singapore in August 2020, they amassed a portfolio of assets that included 12 properties worth $63.9 million and seven vehicles worth $5.2 million.
To explain his wealth, Su deceived two banks in Singapore by submitting a number of property sales contracts despite knowing that they were false.

Two of the contracts, which he submitted to Maybank Singapore, were for the sale of DC The Grand property number 5101 and property number 3009 to someone named Li Bao.
A third contract, which was also given to Maybank, was for the sale of Residences_E2 property number 2302 to Lin Zhenghu.
Su claimed that deposits of $1,029,970 and $969,970 made by a firm named Tuo Xin You were proceeds from the sale of the property.
A fourth contract was for Address Boulevard property number 3101 – purportedly sold to Wong Hiuluen – which Su submitted to OCBC Bank.
A fifth contract, which was also handed to OCBC, was for the sale of Emaar Square Bldg 2 property number 408 to Zhou Weihong.
Su claimed that a deposit of $2,999,980 made by Wecord Rich Trading Company was from the sale of the property.
He had also submitted two loan agreements to OCBC that he knew were forged.
In court, Su claimed to have made money as a real estate agent in Dubai.

However, a data leak reported by The Straits Times and the Organised Crime and Corruption Reporting Project, an investigative journalism group, showed he was a property broker who worked with a Singapore-based businessman to sell properties in Dubai to foreigners in Singapore.
The investors include individuals wanted in China, three other individuals convicted in the $3 billion money laundering probe, associates of the convicts, and a China-born businessman who left Singapore abruptly amid the probe.
In total, they bought at least 126 properties worth more than 537 million dirham (S$198 million).
The bulk of the properties were luxury units marketed by Fidu Properties, including The Grand at Dubai Creek and Grande Downtown Dubai.
Su himself had bought 30 properties in Dubai, the leak showed, although ST could independently verify only 12 properties worth more than $21 million in total.
They include apartments at the Burj Khalifa, once the world’s tallest building, and a villa in District One Villas Phase Two, just minutes away from Crystal Lagoon.
After Su’s arrest by Singapore’s Commercial Affairs Department (CAD), police found he had 12 properties here, seven luxury vehicles, tens of millions of dollars in cash and in bank accounts, and $26 million worth of cryptocurrency.
Su told police investigators that he also owned 11 “condominium rooms”, two offices and a villa worth a total of 30 million dirham in Dubai.

In a statement released on June 10, the police said the total value of assets linked to the 10 convicted foreigners that have been seized and issued with prohibition disposal orders amounts to more than $1 billion.
Of that amount, more than $940 million in assets has been forfeited from the 10 convicted foreigners in the case.
The authorities on June 5 said the bulk of the $3 billion in cash and assets involved in the money laundering case belong to 17 other individuals who remain on the run.
In the June 10 statement, the police said they will maintain custody of the assets associated with the 17 until they have been dealt with by the court.
The prosecution had sought a jail term of between 17 and 18 months for Su, who it said laundered some $17.5 million in Singapore.
It added that Su opted to plead guilty only because it would mean less time behind bars, after he learnt about the sentences meted out to the other nine implicated in the case.
In a written judgment published on June 10, the judge said Su’s offences were premeditated and have undermined the integrity of Singapore’s financial system.
“The role and ability of banks and financial institutions to detect and report suspicious transactions and deposits is an important component in the anti-money laundering framework in Singapore.
“The accused’s act strikes directly at this critical function. The effect is not confined to frustration of the banks’ ability to ascertain the true sources of funds.
“It also impacts adversely on the overall ability of Singapore, as a reputable financial hub, to effectively carry out its anti-money laundering responsibilities,” said the judge.
Of the others convicted, Su Wenqiang, Su Haijin, Su Baolin, Wang Baosen, Vang Shuiming, Zhang Ruijin, Chen Qingyuan and Lin Baoying were jailed for between 13 and 15 months each.
Wang Dehai was sentenced to 16 months in jail.
Four of them – Su Wenqiang, Wang Baosen, Su Baolin and Su Haijin – were deported to Cambodia between May 6 and 28.
Vang was deported to Japan on June 1.
CAD director David Chew said in a statement on June 10: “Our swift and firm law enforcement efforts and the successful prosecutions of these 10 offenders are testament to our commitment to tackle transnational crime and disrupt the activities of organised crime syndicates.
“In Singapore, these criminals will not find safe harbour for themselves or their wealth.”

 

[LITTLEREDDOT]

Three more convicts in $3b money laundering case deported to Cambodia: ICA​

(From left) Zhang Ruijin, Chen Qingyuan and Lin Baoying were deported on June 15. PHOTOS: COURT DOCUMENTS

Christine Tan

Jun 16, 2024

SINGAPORE – Three more individuals who were convicted and jailed over Singapore’s $3 billion money laundering case have been deported to Cambodia.
On June 16, the Immigration and Checkpoints Authority (ICA) said in response to The Straits Times’ queries that Zhang Ruijin, Chen Qingyuan and Lin Baoying were deported on June 15.
All three are barred from re-entering Singapore, ICA added.
They were each sentenced to 15 months’ imprisonment between April and May after pleading guilty to various money laundering- and forgery-related charges.
Zhang, 45, forfeited about $118 million of assets to the state, while his lover, Lin, 44 – the only female convict in the case – gave up around $154 million worth of assets. Chen, 34, forfeited around $21 million worth of assets.
Zhang is a Chinese national with a passport from Saint Kitts and Nevis.
Also a Chinese national, Lin holds passports from Cambodia, Dominica and Turkey, while Chen is a Cambodian national who holds passports from China and Dominica.

An ICA spokesman said in April that “the location of deportation is dependent on the admissibility of the foreigner based on his or her valid passport”.
This development means that eight out of the 10 foreigners convicted in the case have been deported.
On May 6, Cambodian nationals Su Wenqiang and Wang Baosen, both 32, were the first two men to be deported. They were deported to Cambodia after serving about 8½ months of their 13-month jail terms.

Cambodian national Su Baolin, 42, and Cypriot national Su Haijin, 41, were deported to Cambodia on May 25 and 28, respectively, while Turkish national Vang Shuiming, 43, was deported to Japan on June 1.
Su Baolin and Su Haijin were each sentenced to 14 months’ jail in April, while Vang was sentenced to 13 months and six weeks’ jail in May. The three men each served around 9½ months of their jail terms.
Their sentences were backdated to the date of their arrest on Aug 15, 2023. They were released following a one-third remission on their jail terms, meaning they each served about two-thirds of their sentences.
This leaves Wang Dehai and Su Jianfeng, who were sentenced to 16 months’ and 17 months’ jail, respectively, in June, as the remaining convicts in the case still in Singapore.

The 10 individuals were arrested in August 2023 when the police conducted simultaneous raids islandwide in a money laundering probe that saw more than $3 billion in assets seized.
An ICA spokesman said on June 2 that the convicts in the case were deported on the earliest possible flights upon completing their jail sentence.
They were escorted directly from prison to the airport for deportation and were not permitted to return to their residences to collect their belongings, added the spokesman.
ICA said its technology for immigration clearance at Singapore’s checkpoints enables it to detect deported individuals even if they attempt to re-enter Singapore using another identity or passport.

 

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Banking sector identified as posing the highest money laundering risk in Singapore​

Several foreigners have been charged over their alleged involvement in a S$2.8 billion money laundering case. PHOTO: SINGAPORE POLICE FORCE

Angela Tan
Senior Business Correspondent

Jun 20, 2024

SINGAPORE – The outsize role banks play in Singapore’s financial sector puts them at highest risk of being used by criminals seeking to launder dirty money.
The observation came in an updated government report released on June 20 that outlined just how vulnerable banks here are to criminal exploitation.
“As an international business, financial and trading centre with an open economy, Singapore is inevitably exposed to the threats of complex transnational money laundering, including by criminal syndicates and professional criminal elements seeking to... launder illicit funds from abroad,” said the joint report by the Ministry of Home Affairs, Ministry of Finance and Monetary Authority of Singapore (MAS).
Singapore, whose banking sector had a total asset size of almost $3.5 trillion as at the end of 2023, has been ranked by the International Monetary Fund as one of 29 systemically important financial centres in the world.
The country hosts more than 1,000 financial institutions and has one of the world’s fastest growing wealth management centres, with 76 per cent of the assets under management originating from outside Singapore as at the end of 2022.
The authorities have observed a wide range of laundering techniques, including complex and syndicated money laundering involving bank accounts and payment accounts, structures such as shell companies and trusts, and other structures spanning multiple jurisdictions and sectors.
Money laundering and terrorism financing have become more complex due to geopolitics and the increased use of sophisticated financial and business structures, said the report, which has been updated from 2014.

Technological advancements have also provided more channels for criminals to launder or move illicit funds and assets across jurisdictions with speed and ease.
The recent money laundering case here, which involved over $3 billion worth of seized and prohibited assets, led to the convictions of several people for laundering proceeds from illegal online gambling for foreign criminal groups.
Some of these funds were held in bank accounts in Singapore. Others were converted into assets such as real estate, cars, handbags and collectibles.

It was not just banks that were involved in the offenders’ management of their assets. Corporate service providers were engaged to incorporate companies in Singapore to hold assets, property was bought through real estate agents, and funds were placed in high-value goods bought via jewellery and precious metal dealers.
The Covid-19 pandemic has also heightened money laundering and terror financing risks in the banking sector as normal operating environments and work practices changed, reducing the effectiveness of some profile monitoring systems.
The report also noted that the advent of online-only digital banks here has also brought greater risk.
These new entrants may bring innovative practices to the sector, but their novel business models and potential lack of familiarity with the banking industry and money laundering may also increase the sector’s vulnerability.
Rising digital literacy and greater digitalisation of banking services have made Singapore’s banking sector more susceptible to crimes involving cyber-enabled fraud and data theft, including phishing and malware.
Digital payment token service providers also pose relatively high levels of money laundering risks within the financial sector, the report said.
Like elsewhere, cyber-enabled fraud, the theft of digital payment tokens, ransomware and deals in darknet markets where people trade illicit goods and services online anonymously using cryptocurrency are the main sources of illicit revenue involving digital payment tokens.
Digital payment tokens are not actively used in Singapore as a means of payment.
There were 19 licensed digital payment token service providers here as at Dec 31, 2023.
Payment institutions conducting cross-border money transfers are also potentially exploited by criminals.
“Given that cross-border money transfer service transactions are generally small individually but are collectively voluminous, it may be easier for suspicious activity, including the structuring of transactions, to be overlooked,” the report said.

The authorities noted that the money laundering threat to the steadily growing trust company sector here is moderately high.
Trusts are typically set up by wealthy individuals for succession and estate planning, asset protection or philanthropic purposes.
There were around 65 licensed trust companies operating in Singapore and regulated by the MAS as at the end of 2023.
The report noted there has been no sign of misuse among fund management companies. There are almost 800 here, and they provide customers with advisory services, among other offerings.
While money changers were less commonly found to be complicit in money laundering activities, they have been seen to be particularly susceptible to dealing with forged banknotes. The cash-intensive nature of this sector and the anonymity of cash also suggest that they may unknowingly process the proceeds of crime.
There were about 380 entities licensed to conduct money-changing, as at the end of 2023.
Overall, the banking industry’s compliance processes, risk awareness and ability to identify and prevent money laundering and terrorism financing are relatively strong, the report said, but it noted that smaller, less resourced banks may be more at risk.
To this end, the MAS and the Association of Banks in Singapore are working to uplift their controls through supervisory and industry outreach.

 

[LITTLEREDDOT]

No cases of casinos in Singapore directly complicit in money laundering: Report​

Total gaming revenue for the two casinos here was around $5.26 billion as at the end of 2023. PHOTO: PEXELS

Angela Tan
Senior Business Correspondent

Jun 21, 2024

SINGAPORE – Casinos everywhere tend to be awash with cash and so are prime venues for money laundering, but there is no evidence that the gambling facilities in Marina Bay Sands and Resorts World Sentosa have been involved in such activity.
The assessment in an updated report on money laundering risks noted that there have been only a few cases where criminal proceeds were converted into casino chips for self-laundering purposes.
The authorities here have investigated a handful of instances concerning third-party money laundering facilitated by a casino.
One involved a programmer at a bunkering firm who used most of his ill-gotten commissions totalling about $1.9 million to buy chips at one of the casinos.
After gambling away some of his chips, he encashed the remaining ones, including his winnings, to pay for housing and car loans, and insurance premiums.
The man was prosecuted for money laundering involving the conversion of crime proceeds into casino chips in June 2019.
The updated report said most of the suspicious transactions reports filed by casinos here did not relate to potential money laundering offences but involved possible breaches of the Casino Control Act or were filed following adverse news on patrons.

Total gaming revenue for the two casinos here was around $5.26 billion as at the end of 2023.
While the sector is vulnerable to money laundering, the report, which was jointly issued by the Ministry of Home Affairs, the Ministry of Law and the Monetary Authority of Singapore, said the unpredictable nature of gaming and the possibility of losing money make casinos less attractive to criminals than other options.
Elsewhere, where proceeds of crime enter casinos, they largely involve criminals spending them for leisure, rather than “washing” criminal gains, it added.

The Gambling Regulatory Authority (GRA), which supervises casinos here, has found that both outlets have adequate controls to counter money laundering and terrorism financing.
The GRA noted that breaches largely occurred due to human error, resulting in a deviation from the standard operating procedures.
The report also found that the insurance sector has a lower money laundering risk, mostly because direct life and composite insurers deal largely with retail customers and sell most of their policies to individuals.

Premium payments are generally made via electronic transfers. While cash payments are accepted, they are typically capped at certain amounts, the report said.
These insurers largely write Singapore onshore risks, so the possibility of foreign illicit funds flowing directly into the sector is low.
There were 24 direct life and composite insurers in Singapore with assets totalling over $300 billion as at the end of 2023.
The report also noted that the pawnbroking sector is less vulnerable to money laundering despite its cash-intensive nature and the potential for illicit goods being pledged for people seeking loans.
Loans disbursed by pawnbrokers are domestic in nature, and are disbursed to clients who must be physically present at the outlet to pawn their pledges.
Most of their customers are local residents, followed by foreigners working or living in Singapore. The transactions performed are also straightforward and typically small in value, involving an average loan of $1,900.
There were 240 pawnbrokers in Singapore as at the end of 2023, with loans of about $7.1 billion in total issued.
More than half of the pawnbrokers are run or owned by four companies listed on the Singapore Exchange – MoneyMax Financial, ValueMax Group, Aspial Lifestyle and Taka Jewellery.

 

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No foreign claims for $944m in cash and assets forfeited in largest money laundering case​

The assets forfeited by the 10 foreigners in the case include luxury cars, handbags and Bearbrick ornaments. PHOTOS: ST FILE, SINGAPORE POLICE FORCE
Andrew Wong

Jul 02, 2024

SINGAPORE – No foreign governments or agencies have made claims for the forfeited cash and assets from the 10 people convicted in Singapore’s largest money laundering case, said the Ministry of Home Affairs.
Minister of State for Home Affairs Sun Xueling said there have not been any competing claims for the assets and cash worth $944 million.
She was responding to questions from Workers’ Party chairman Sylvia Lim in Parliament on July 2.
The assets forfeited by the 10 foreigners in the case include luxury cars, property, watches, handbags, jewellery, alcohol and Bearbrick ornaments.
Ms Sun said foreign jurisdictions that feel they have a claim on the assets can make a formal request for mutual legal assistance.
She said this assistance can include Singapore sharing information regarding the movement of the assets, and returning them on a case-by-case basis.
Ms Sun said the forfeited assets and cash will go into the Consolidated Fund.

Revenues of Singapore are paid into this fund, similar to a bank account held by the Government, out of which government expenditures are made.
The 10 foreigners were sentenced to between 13 and 17 months’ jail on charges related to money laundering, fraud and forgery.
Seven were deported to Cambodia, while one was deported to Japan. The remaining two, Wang Dehai and Su Jianfeng, are still serving their sentences.

The Immigration and Checkpoints Authority said all 10 will be barred from re-entering Singapore.
Ms Sun said that while those with multiple passports can indicate which country they would like to be deported to, Singapore will deport them to countries most likely to accept them.
More On This Topic
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On whether the nation’s anti-money laundering laws have had their intended deterrent effect, Ms Sun pointed to Home Affairs Minister K. Shanmugam’s written reply on May 8 to a question by Progress Singapore Party’s Non-Constituency MP Leong Mun Wai.
Mr Shanmugam had said the penalties and sentences for cheating and forgery under the nation’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act were comparable to those of other jurisdictions like Japan, Switzerland, New Zealand, Germany and France.
Dr Tan Wu Meng (Jurong GRC) asked if the inter-ministerial committee (IMC), set up to review Singapore’s financial system and strengthen its anti-money laundering regime, will consider how criminals could exploit Singapore’s regulations.
Ms Sun acknowledged that money launderers were employing more sophisticated methods to avoid getting caught.
She said: “They undertake multiple layering processes to hide their tracks and, obviously, with greater digitalisation, different categories of assets, it is becoming increasingly difficult to differentiate between legitimate and illicit fund flows.”
She added that the IMC’s full findings and recommendations will be presented in the fourth quarter of 2024.

 

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6 single family office funds linked to $3b money laundering case were given tax benefits: DPM Gan​

In Singapore, single family offices are not required to be registered or licensed by MAS as they do not manage third-party funds. ST PHOTO: LIM YAOHUI
Andrew Wong

Jul 03, 2024

SINGAPORE – A total of six single family office (SFO) funds in Singapore given tax benefits were found to be linked to the 10 foreigners arrested and convicted in the nation’s largest money laundering case.
This comes after the country’s financial regulator said in December 2023 it had tightened the tax incentive process to include casting a wider net when conducting due diligence and appointing a panel to screen applicants for money laundering risks.
On July 2, Nominated Member of Parliament Usha Chandradas asked the Prime Minister and Minister of Finance how many family offices linked to the 10 convicted foreigners were granted tax benefits.
Responding in a written reply on behalf of Prime Minister Lawrence Wong, Deputy Prime Minister Gan Kim Yong said there were six SFOs, including those owned by the 10 convicted or their spouses.
Family offices are organisations set up to manage the wealth of a single family or multiple families.
In Singapore, SFOs are not required to be registered or licensed by the Monetary Authority of Singapore (MAS) as they do not manage third-party funds.
DPM Gan said the tax benefits granted by MAS were withdrawn at the start of the financial year the SFOs’ owners or spouses were charged or convicted.

The Straits Times understands this could have been as early as the 2022 financial year.
Said DPM Gan: “Tax benefits accorded prior to that will not be clawed back, unless there were breaches of the conditions of the tax incentive awards then.
“In addition, as part of enforcement actions in this case, assets have been forfeited from the convicted individuals. The total value of assets forfeited from convicted individuals with links to SFO funds that were awarded tax incentives far exceeds any tax benefits accorded to the SFO funds.”
Since their arrests in August 2023, more than $1 billion in cash and assets linked to the 10 foreigners were seized and issued with prohibition of disposal orders.
About $944 million worth of those assets and cash were forfeited to the state. The remainder of the $3 billion in cash and assets still seized by the authorities belong to 17 others on the run, and are part of ongoing investigations.
More On This Topic
Untangling the complex web behind S’pore’s biggest money laundering case
No foreign claims for $944m in cash and assets forfeited in largest money laundering case
In October 2023, Minister of State for Trade and Industry Alvin Tan had said in Parliament that MAS would review its internal incentive administration processes for SFOs, after at least one of the convicted was found to be linked to an SFO that had been awarded tax incentives.
To receive tax incentives at the time, SFOs had to employ at least two investment professionals, incur business expenditure of between $200,000 and $1 million, and invest at least 10 per cent of their assets under management in local equities, bonds, funds, or Singapore-operating firms.
In a written reply in Parliament on March 6, then Deputy Prime Minister Wong said there were around 1,400 SFOs that were awarded tax incentives in Singapore. This is up from the 1,100 SFOs in 2022, and 700 in 2021.
Meanwhile, SFOs that apply for and are granted tax incentives by MAS managed about $90 billion of assets in 2021.

 

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Jail for man who took $330k after encashing cheques pre-signed by pair in $3b money laundering case​

Tan Yong Ren was sentenced to four years and two weeks’ jail, and a fine of $10,000. ST PHOTO: KELVIN CHNG

Shaffiq Alkhatib
Court Correspondent

Jul 05, 2024

SINGAPORE – He was working as a personal assistant to Su Haijin, one of the men involved in a $3 billion money laundering case, when he misappropriated $100,000 after encashing or depositing four cheques which the latter had pre-signed.
Singaporean Tan Yong Ren also made off with another $230,000 after performing similar transactions involving seven more cheques pre-signed by Su Baolin, another man linked to the same money laundering case.
Su Baolin was a director at a firm called Xinbao Investment Holdings, and around February 2018, Tan took a debit card linked to the firm’s bank account and unlawfully withdrew $107,300 over 93 occasions later that year.
On July 5, Tan, 34, was sentenced to four years and two weeks’ jail and fined $10,000.
He had pleaded guilty to six charges for offences including criminal breach of trust, theft and using criminal force on another person.
Cypriot national Su Haijin, then 41, who jumped from the second-floor balcony of a good class bungalow during a police raid, was sentenced to 14 months’ jail on April 4.
Cambodian national Su Baolin, then 42, was also sentenced to 14 months’ jail on April 29.

For the current case, Deputy Public Prosecutor James Chew told the court that at the time of the offences, Su Haijin was the director of a firm called Yihao Cyber Technologies.
Around March 2017, he employed Tan as his personal assistant at the company. Tan’s job scope included running errands and banking in cheques.
As part of his job, he helped Su write cheques as the latter could not write in English.

The DPP said: “(Su) would sign on the company’s cheques and tear them out for (Tan) to fill in the details. These cheques were meant to be used for payments related to the company’s business.”
But on four occasions between Dec 6, 2017, and April 30, 2018, Tan took the cheques that Su had pre-signed and filled in his own particulars on them.
After that, Tan would either encash the cheques or deposit the amounts stated on them into his own bank account, making off with $100,000 in total from Yihao Cyber Technologies.
Around January 2018, Su Haijin introduced Tan to his friend Su Baolin, who was then setting up a business in Singapore and needed an English-speaking assistant.
Tan then began assisting Su Baolin, performing tasks including helping the latter fill in cheques.

Su Haijin (left) and Su Baolin were each sentenced to 14 months’ jail in April. PHOTOS: COURT DOCUMENTS
On seven occasions between Jan 31 and June 14, 2018, Tan would either encash the cheques that Su had pre-signed or deposit the amounts stated on them to his own bank account, making off with $230,000 in total from Xinbao Investment Holdings.
Around February 2018, Tan came across a letter addressed to Su containing a debit card linked to the company’s bank account.
Tan took the card, went to various automated teller machines and withdrew $107,300 in total from April 4 to July 21 that year.
Tan has made no restitution for his offences linked to Su Baolin and Su Haijin.

In an unrelated case, the authorities raided an industrial unit in Kaki Bukit Road at around 1am on Aug 8, 2021, amid the Covid-19 pandemic, and found that it was used as an illegal karaoke lounge.
Tan, who was found on the premises, told officers involved in the operation that he was the sole operator of the place.
DPP Chew said: “He admitted that from June 2021, he had rented the... basement unit of the premises for $3,000 per month, and started operating an illegal karaoke lounge there.”
The authorities conducted another raid at a house at around 12.15am on Dec 15, 2021, and found that 20 people, including Tan, were involved in a social gathering there.
Separately, the court heard that Tan also pulled the hair of his 37-year-old housemate in the wee hours of March 19, 2022.
Tan was unhappy with the woman after she knocked on his room door to complain about the noise.
Tan’s bail was set at $50,000 on July 5, and he was ordered to surrender himself at the State Courts on July 15 to begin serving his sentence.

 

[LITTLEREDDOT]

Ninth convict in $3b money laundering case deported to the UK: ICA​

Wang Dehai was deported on July 6 after serving about 11 months of his 16-month jail term. PHOTO: CHINA POLICE

Nadine Chua

Jul 08, 2024

SINGAPORE - Wang Dehai, the last of 10 foreigners to plead guilty in the $3 billion money laundering case, has been deported to the UK.
He was deported on July 6 after serving about 11 months of his 16-month jail term.
The Immigration and Checkpoints Authority (ICA) told The Straits Times on July 8 that Wang, 35, has been barred from re-entering Singapore.
The Cypriot national, who was originally from China, was sentenced to 16 months’ jail in June after pleading guilty to one money laundering charge. His sentence was backdated to the date of his arrest on Aug 15, 2023.
Wang agreed to forfeit more than $49 million of his assets to the state.
On July 2, Minister of State for Home Affairs Sun Xueling said in Parliament that, while those with multiple passports can indicate which country they would like to be deported to, Singapore will deport them to countries most likely to accept them.
Wang’s deportation means that nine of the 10 convicted in Singapore’s largest money laundering case have left the country.

Su Wenqiang and Wang Baosen were the first two convicted men to leave Singapore on May 6. They were deported to Cambodia after serving about 8½ months of their 13-month jail terms.
Su Baolin and Su Haijin were deported to Cambodia on May 25 and 28, respectively, while Vang Shuiming was deported to Japan on June 1.
Su Baolin and Su Haijin were each sentenced to 14 months’ jail in April. Vang was sentenced to 13 months and six weeks’ jail in May. The three men each served around 9½ months of their jail terms.
Chen Qingyuan, Zhang Ruijin and Lin Baoying were deported to Cambodia on June 15. They were each sentenced to 15 months’ imprisonment and served 10 months of their jail terms.
This leaves Su Jianfeng, who was sentenced to 17 months’ jail in June, as the last convict in this case to still be in Singapore.

The 10 foreigners were arrested in August 2023 when the police conducted islandwide raids in a money laundering probe that saw more than $3 billion in assets seized. Another 17 people who fled the country during the probe are on the run.
An ICA spokesman said in June that the convicts were deported on the earliest possible flights upon completing their jail sentences.
They were escorted directly from prison to the airport for deportation and were not allowed to return to their residences to collect their belongings, added the spokesman.
ICA said its technology for immigration clearance at Singapore’s checkpoints enables it to detect deported individuals, even if they attempt to re-enter the country using another identity or passport.

 

[LITTLEREDDOT]

Ex-employee of businessman linked to $3b money laundering case exposes boss’ excesses​

Su Binghai's home in Jalan Asuhan features a KTV lounge, arcade game machines, a dedicated massage room, and 10 large safes. PHOTOS: ST READER
Andrew Wong and Nadine Chua

Jul 19, 2024

SINGAPORE – Just hours after police raided several luxury homes across Singapore on Aug 15, 2023, a white Toyota Alphard drove past a good class bungalow (GCB) in Third Avenue.
Through darkened windows, the wealthy businessman passenger peered at the hive of activity taking place at the property leased by Su Jianfeng.
The passenger, Mr Su Binghai, was curious. He had received information that his friend Su Jianfeng and several others he knew were being arrested.
Worried that he would be next, he told his driver to head back to the GCB he was renting in Jalan Asuhan, off Adam Road.
During the 10-minute drive, he called a number of people in Indonesia, Malaysia and Dubai, where he owns two properties worth a combined $1.2 million.
Once he arrived home, he told his wife, Ms Wang Manzu, that they had to leave Singapore. He dumped between 20 and 30 Patek Philippe watches into his bags, and took as much money as he could carry.
He then left Singapore just hours after his friends were apprehended in what was to become Singapore’s largest money laundering case.

Ms Wang left Singapore the next day on Aug 16, 2023. Their three children, aged 11 to 15, along with Mr Su’s parents, who were living with them, left Singapore within the next two months.
Mr Su is now a person of interest to the police and a fugitive. He is one of 17 people said to be responsible for $2.1 billion of the $3 billion seized in the case.
Weeks after the raids, officers from the Commercial Affairs Department turned up at Mr Su’s home and forced open more than 10 safes and several locked rooms.

They took away a number of items, and served prohibition of disposal orders for others, including his fleet of luxury cars.
The Straits Times was given an insight into his last hours in Singapore and his opulent lifestyle after one of his nine employees made contact.
The employee said he suspected the man he referred to as “laoban” (“boss” in Mandarin) and “Su Zong” (“director Su” in Mandarin) was involved in the case.
Out of concern for his safety, he is being identified as Dave and not by his real name.
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Although Mr Su may have little access to his assets in Singapore, he still has considerable resources. He also has friends in organised crime syndicates based overseas.
The 10 foreigners arrested in the operation in 2023 have been convicted, including Su Jianfeng. Nine of them have been deported from Singapore.
But the investigations into others, including Mr Su Binghai and 16 others linked to the case, continue.
Dave is among a number of individuals who are assisting the police in the case.

Business owner​

Mr Su, who holds Cambodian citizenship and has passports from Vanuatu and St Kitts and Nevis, had presented himself as a legitimate businessman.
He was listed as a director and shareholder in six businesses, including New Future Holdings, which was purportedly involved in creating software applications.
He had also established private equity firm New Future International in 2017 in Hong Kong, where he owns a home.
Ms Wang had a Singapore Island Country Club membership, which cost more than $900,000 for foreigners.
Mr Su donated to the Singapore Disability Sports Council’s charity golf event in 2022. He was also recognised as a donor in the Community Chest’s 2023 awards.
His family often dined at the finest Chinese restaurants, preferring private dining rooms, where he would pay cash even though the couple had American Express Centurion cards.
The exclusive invite-only credit card is commonly known as the “Black Card”. Reports claim that cardholders have to spend around $500,000 annually to be a member.
Dave said: “He would have stacks of $100 bills folded in his pockets. Sometimes after meals, he would just pay the restaurant with cash.”
Mr Su owned nine luxury cars, including two Ferraris – a blue F8 Spider and a red SF90 Stradale – and two Rolls-Royces – a purple Cullinan and a black Phantom. They are worth at least $10 million on the second-hand market.
Dave said his boss would occasionally take the blue Ferrari for a spin.

Su Binghai is said to be a fishing enthusiast who often went into open waters on his own yacht, which was docked at One Degree15 Marina in Sentosa Cove. PHOTO: ST READER
Seven of the cars were parked at his Jalan Asuhan compound. Two other cars – a Tiffany-blue Rolls-Royce Phantom and a white McLaren GT – were parked at a home in Rochalie Drive.
The property was leased by Mr Su Bingwang, with whom Mr Su Binghai set up a company in Hong Kong in 2017.
When Mr Su Binghai ate at home, his meals were often accompanied by expensive wine or whiskey, including a few shots of his favourite 35-year-old Macallan whiskey that costs upwards of $15,000 a bottle.
His employees, including a live-in chef, would wait on the family and jump at their every whim.
“He initially paid my wages in cash, but later made bank transfers. He was demanding, and would not take no for an answer,” said Dave, who started working for the family at the start of 2023.

Mr Su Binghai was a collector of rare Macallan whiskies, and among his favourites was a 35-year bottle customised with his surname “Su” in place of the Macallan logo. PHOTO: ST READER
Dave worked seven days a week without any breaks. His day would start at 6.30am and end late in the evening.
He said Mr Su would regularly make eleventh-hour demands for a game of golf, movie tickets or dinner at restaurants where reservations are closed.
“He would demand to play at the golf clubs whenever he felt like it, even if they were full.
“He would insist that we do it by any means possible, to slot him and his friends in,” said Dave.
Mr Su enjoyed entertaining his friends at the 19,000 sq ft estate, away from prying eyes.

One such party, held in early 2023, had more than 60 guests. Several foreigners who were later convicted in the money laundering case attended the dinner with their wives and families.
“Luxury cars belonging to the guests lined the streets during the parties.
“My boss would hire waitresses to serve the guests, and there would be multiple private chefs cooking for them,” Dave added.
After dinner, his friends would belt out Chinese tunes in the karaoke studio or retreat to the dedicated massage rooms and sauna for more private conversations. They also indulged in whiskey and Cuban cigars.

A KTV lounge in Mr Su Binghai’s Jalan Asuhan home. PHOTO: ST READER
When Mr Su wanted men-only privacy, he would go to a huge bungalow near Stevens Road. The home was rented by Wang Dehai, one of the foreigners convicted in the money laundering case.
They would party at the 12,800 sq ft property into the wee hours, and often arranged for social escorts.
Checks by ST found that the house Wang leased was listed for sale in July for $48 million.
Mr Su and his wife filled their four-storey home in Jalan Asuhan with expensive oil paintings, crystal figurines, and houseware and tableware from Hermes.
Checks online showed that a single fork or spoon can cost up to $185, while a salad bowl costs $2,000. Their floor-to-ceiling, walk-in wardrobe was full of branded clothes.
Dave said he often saw representatives of brands like Louis Vuitton delivering new clothes and bags to the house.
ST verified Dave’s claims through various documents and thousands of photos of Mr Su, his wife, their children and the home.
Some photos reveal the opulent life the couple enjoyed, which included regular trips to China and Europe. They often flew in first or business class, but would also charter private planes for trips.
One photo shows Mr Su on holiday with Su Jianfeng. Their families had accompanied them on the trip.

Mr Su Binghai (in grey shirt and white cap) and Su Jianfeng (far right), one of the 10 foreigners convicted in Singapore’s largest money laundering case, had holidayed together with their families. PHOTO: ST READER
Dave said that during his employment, his boss and his wife frequently travelled to Britain and Dubai, with each trip lasting two weeks.
There is a photo showing Mr Su Binghai and his family seated near the VIP boxes at the 2018 Fifa World Cup final held in Moscow.
“I felt something didn’t add up a few weeks into my job. Here was a family living in such luxury, yet I never saw my boss work a day when I was employed by him,” said Dave.
Then came the raids in August 2023.
“Another employee told me that on the day of the arrests, my boss had caught wind of the operation and instructed one of the chauffeurs to drive him past Su Jianfeng’s house to see what was happening.”
Mr Su Binghai then returned home and packed his bags.
“I remember clearly there were between 20 and 30 empty Patek Philippe watch boxes on the floor after he left,” Dave said.

A dedicated massage room in Mr Su Binghai’s Jalan Asuhan home. PHOTO: ST READER
Mr Su and his wife later contacted the employees from overseas, but would not say where they were calling from.
“He was trying to tell all of us (employees) that he was not involved, and that everything would be fine,” said Dave.

Close links​

While in Singapore, Mr Su and an associate, Mr Su Fuxiang, snapped up properties through their companies, with some purchases made just two months before the raids.
Mr Su Binghai was the sole director and owner of Jiasheng Amoy. In 2021, the company bought a three-storey unit at 182 Telok Ayer Street and four adjoining units of two-storey shophouses – from 55 to 58 Amoy Street.
Mr Su Fuxiang bought a row of shophouses in the Boat Quay area for $80 million in June 2023 through his company Suyh.
Like Mr Su Binghai, Mr Su Fuxiang and Mr Su Bingwang left Singapore abruptly after the raids.
The shophouses were later claimed by DBS Bank after the companies they bought the homes under were put into receivership.
In June 2024, DBS reportedly accepted more than $100 million for the 13 shophouses.
Documents seen by ST show that Mr Su Binghai had also bought a unit at The Marq on Paterson Hill, the same luxury development where Wang Dehai had a unit.

Wang, who was convicted in the money laundering case, bought his unit using $23 million of criminal benefits from his role at an illegal gambling syndicate in the Philippines.
Dave said his boss attended a house-warming party, along with Mr Su Fuxiang and another associate Su Yongcan, sometime in 2023. It was held at Wang’s unit at The Marq.
An Interpol red notice was later issued against Su Yongcan – the brother-in-law of Wang and Su Jianfeng – at the behest of the Singapore Police Force.
The three had been named as major suspects in an online gambling syndicate by China’s Ministry of Public Security as early as 2015.
Mr Su Binghai and Su Yongcan were next-door neighbours in Jalan Asuhan. Dave said that Su Yongcan and his wife would frequently attend parties hosted by his boss.

The end​

After the raids and Mr Su Binghai’s disappearance, several business partners ceased their relationships with him, his wife and their companies.
Documents seen by ST show that New Future Holdings terminated his services on Sept 18, 2023. The company claimed he owed them more than $26,000.
There were also mortgage payment bills which show that he had an outstanding loan of more than $12.4 million for his unit at The Marq.
ST last visited the Jalan Asuhan home in May. The cars were gone, and the home looked empty.
Next door, several men were spotted working on the grounds of Su Yongcan’s home on May 14.
The men, who identified themselves as workers from a firm providing gardening services, said around 10 luxury cars, tagged with prohibition of disposal orders, sat covered in dust in the driveway.
The authorities had earlier seized more than $16 million in cash from seven properties linked to Su Yongcan. They also froze more than $145 million in various bank accounts linked to him.
Dave said he heard from Su Yongcan’s employees that the foreigner had left Singapore before the Aug 15 raids.
The 10 money launderers arrested in the August 2023 raids have been convicted and each sentenced to jail terms of between 13 and 17 months.
Seven of them – Su Wenqiang, Wang Baosen, Su Baolin, Su Haijin, Zhang Ruijin, Chen Qingyuan and Lin Baoying – were deported to Cambodia in May and June. Vang Shuiming was deported to Japan in June. Wang Dehai was deported to Britain in July. Only Su Jianfeng remains in Singapore.
The police in May said they were working with Interpol to issue red notices for several other suspects.
They would not confirm if Mr Su Binghai is among them.

 

[LITTLEREDDOT]

OCBC to recover over $20m from selling Sentosa Cove plot linked to money laundering probe​

The offer for the plot of land (covered by sound barrier sheets) at 69 Ocean Drive in Sentosa Cove has been accepted by OCBC via private treaty. ST PHOTO: MARK CHEONG

Grace Leong
Senior Correspondent

Jul 18, 2024, 06:16 PM

SINGAPORE - OCBC Bank has accepted an offer of more than $20 million for a plot of land in Sentosa Cove that once belonged to Cambodian money launderer Su Baolin, after two attempts to auction the property.
Su, one of the 10 foreigners implicated in a $3 billion money laundering probe, had owed the bank more than $20 million in housing loan and credit card debts.
The Straits Times reported earlier that OCBC took legal action to recover the overdue home loan through the sale of Su’s 69 Ocean Drive property in August 2023. The court ruled in the bank’s favour on Jan 5, 2024.
An OCBC spokesperson told ST on July 17 that the bank had “accepted an offer for 69 Ocean Drive via private treaty. Upon completion of the sale, all overdue loans will be recovered”. OCBC declined to comment on the offer and the buyer’s identity.
ST understands that an option to purchase was signed on July 17 between the bank and the buyer.
The 19,550 sq ft plot had been put on the auction block twice by OCBC, which had been owed about $19.7 million in housing loan and credit card debts. Including interest, Su’s debts exceeded $20 million as at April 15.
At the first auction on April 24, a sole counter-offer of $20 million was submitted for the 99-year leasehold site, which had been advertised at a guide price of $27.1 million, or $1,386 per square foot (psf).

The offer was not accepted by OCBC, and the property was withdrawn because the guide price was not met.
No bids were submitted at the second auction on May 21 despite a lower opening price of $26.5 million, or $1,355 psf.
Su, 42, who was arrested on Aug 15, 2023, and faced 13 charges related to forgery, fraud and money laundering, was sentenced to 14 months’ jail after forfeiting about $65 million, or 90 per cent, of his seized assets. He has since been deported.
It was earlier reported that police seized about $99 million worth of assets in properties, cash, bank accounts and cryptocurrencies in the names of Su and his wife.
The land parcel, located at the northern tip of Sentosa Cove, had housed one of the few sea-facing bungalows there with a land area exceeding 18,000 sq ft.
It has a 99-year leasehold tenure from July 2005 and offers unblocked views of the sea and the Central Business District.

 

[LITTLEREDDOT]

Final convict in $3 billion money laundering case deported to Cambodia: ICA​

Vanuatu national Su Jianfeng, who is originally from China, had been sentenced to 17 months’ jail on June 10. PHOTO: FIDU PROPERTIES

Sherlyn Sim

Jul 28, 2024

SINGAPORE – Su Jianfeng, the last of 10 foreigners arrested in the $3 billion money laundering case to be sent to jail, has been deported to Cambodia.
He had been the last convict in the case remaining in Singapore, and had served about 11½ months of his 17-month jail term.
The Immigration and Checkpoints Authority (ICA) told The Straits Times on July 27 that Su was deported on July 26 and barred from re-entering Singapore. The Dubai property broker was sentenced to 17 months’ jail on June 10.
The Vanuatu national, who is originally from China, pleaded guilty on June 6 to money laundering and forgery. Another 12 charges were taken into consideration. They ranged from forgery to money laundering to manpower-related offences over hiring a personal chef without a valid work pass.
The 10 foreigners were arrested in August 2023 when the police conducted islandwide raids in a money laundering probe that saw more than $3 billion worth of assets seized. Another 17 people who fled the country during the probe are on the run.
An ICA spokesman said in June that the convicts were deported on the earliest possible flights upon completing their jail sentences.
Su Wenqiang and Wang Baosen were the first two convicted men to leave Singapore on May 6. They were deported to Cambodia after serving about 8½ months of their 13-month jail terms.

Su Baolin and Su Haijin were deported to Cambodia on May 25 and 28 respectively, while Vang Shuiming was deported to Japan on June 1.
Chen Qingyuan, Zhang Ruijin and Lin Baoying were deported to Cambodia on June 15.
In July, Wang Dehai was deported after serving about 11 months of his 16-month jail term.

 

[LITTLEREDDOT]

87 travellers caught at Changi Airport failing to declare cash above $20k, pay taxes​

Anyone found guilty of failing to declare cash exceeding $20,000, or its equivalent in foreign currency, can be fined $50,000 and jailed for up to three years. PHOTO: SINGAPORE POLICE FORCE

Christie Chiu

Jun 26, 2024

SINGAPORE – A total of 87 travellers were caught at Changi Airport carrying undeclared cash of more than $20,000 or failing to pay taxes on cigarettes, liquor and other items, during a week-long joint enforcement operation in June.
During the multi-agency operation, which took place from June 17 to 23, more than 10,000 travellers were identified for checks and more than 18,000 luggage and hand-carry bags were scanned or searched at the airport’s four terminals, the authorities said in a joint statement.
It added that the operation involved officers from the Singapore Police Force (SPF), Immigration and Checkpoints Authority (ICA), Central Narcotics Bureau, Singapore Customs, National Parks Board and Health Sciences Authority.
This was part of the authorities’ efforts to clamp down on non-compliance with Singapore’s Cross-Border Cash Reporting Regime (CBCRR) and other illegal cross-border activities.
On June 20, two male Singaporeans and a female foreign traveller, aged between 31 and 50, were separately found to be bringing undeclared cash of various currencies totalling between $30,000 and $35,000 into Singapore.
On June 22, four male foreign travellers, aged between 37 and 61, were separately caught carrying cash of various currencies totalling between $24,000 and $109,000 into Singapore without declaration.
The next day, three male foreign travellers, aged between 60 and 71, were separately found carrying undeclared cash of various currencies totalling between $22,000 and $28,000 into Singapore.

Of these 10 travellers caught, two were issued warnings and six were fined $23,000 in all.
Investigations into the two remaining travellers who carried undeclared money of various currencies exceeding a total of $140,000 into Singapore are ongoing.
“SPF oversees the CBCRR to curb money laundering, terrorist financing and other criminal activities,” said the authorities, adding that enhanced penalties have been in effect since May 13 to strengthen deterrence.

Anyone found guilty of failing to report or accurately report the movement of Cash or Bearer Negotiable Instruments (CBNI) exceeding $20,000 – or their equivalent in foreign currency – can be fined $50,000, jailed up to three years, or both.
The undeclared cash may also be confiscated.
Travellers are reminded to submit an electronic declaration up to 72 hours before entering or leaving the Republic through the MyICA mobile application or the ICA website.
The joint operation also caught 77 travellers failing to declare and pay taxes on dutiable cigarettes or tobacco products, liquors exceeding their duty-free allowance, as well as new articles, souvenirs, gifts and food items exceeding their goods and services tax (GST) import relief allowance.

More than 18,000 luggage and hand-carry bags were scanned or searched at the airport’s four terminals during the joint operation. PHOTO: SINGAPORE POLICE FORCE
The total amount of duty and GST involved was more than $11,000, and the total penalty imposed was more than $17,000, the statement said.
A luxury watch and a handbag were among the undeclared items.
The largest undeclared cigarette case involved 800 cigarettes, followed by another case with 500.
These cigarettes were seized and disposed of at the airport as they did not comply with Singapore’s standardised packaging requirements, a measure that has been in place since July 2020.
Those convicted of being involved in fraudulent evasion or attempting to fraudulently evade any Customs duty or excise duty can be fined up to 20 times the amount of duty and GST evaded, or jailed for up to two years.
“It is the responsibility of arriving travellers to make accurate and complete declarations of the dutiable and taxable items in their possession,” the statement said.
“To avoid the hefty penalties and for their own convenience, foreign travellers and local residents are strongly encouraged to make an advance declaration and payment for their dutiable or GST goods up to three days prior to their arrival in Singapore, using the Customs@SG web application.”

 

[LITTLEREDDOT]

Myanmar military favouring Thai banks over Singapore banks for arms transactions: UN report​

Myanmar's Chief Senior General Min Aung Hlaing stands in a vehicle as he attends a ceremony to mark the country's 78th Armed Forces Day. PHOTO: AFP
Varun Karthik
Updated

Jun 28, 2024

SINGAPORE – Myanmar’s junta is increasingly using banks in Thailand instead of Singapore for its purchases of military supplies, including arms used against groups opposing its 2021 power grab, according to a United Nations report.
The report, released by UN special rapporteur Tom Andrews on June 26, said banks located in Singapore were previously “the most important financial facilitators for Myanmar’s military procurement”, processing more thanUS$260 million (S$353 million) of arms payments between April 2022 and March 2023 (financial year 2022), which amounted to more than 70 per cent of the junta’s arms payments.
But the amount fell sharply to just over US$40 million between April 2023 and March 2024 (financial year 2023).
The report added that most of the US$40 million processed in financial year 2023 was done in the first quarter of that financial year.
Banks in Thailand went from facilitating over US$60 million worth of military procurement in financial year 2022 to processing more than double that – US$120 million – in financial year 2023.
However, the report noted that the financial institutions might not be helping facilitate military purchases wilfully.
“Nothing in the evidence reviewed by the Special Rapporteur suggests that banks named in this paper were directly aware of the nature of specific transactions they facilitated,” the report said.

It added that the junta was using “a variety of techniques to evade sanctions, undermine risk management processes and avoid transaction monitoring activities” to overcome the due diligence processes that banks had in place.
Thailand’s Ministry of Foreign Affairs said in a statement on June 27 that it had seen the report and was looking into it.
“We will have to first establish the facts before considering any further steps,” it said.

The drastic decrease in the purchase of weapons and related equipment processed in Singapore came after a government investigation prompted by an earlier report Mr Andrews released in May 2023.
That report alleged that Singapore-based companies were a source of substantial amounts of supplies for the junta, while banks were helping facilitate a significant amount of their procurement.
Mr Andrews said in an interview with The Straits Times on June 27: “(The Singapore Government) made a very focused effort to understand what was happening and to investigate these developments, and I was very happy to provide whatever support I could.”
Calling the progress Singapore made both “dramatic” and “very significant”, he said: “This is what can happen when a government makes this a priority (and) focuses on the facts”, adding that Singapore’s example serves as a “ray of light… for the region and the world”.
Much of Singapore’s decline in military-related procurement was attributed to UOB, which went from facilitating more than US$180 million in military procurement in financial year 2022 to none in financial year 2023.
“UOB is in full compliance with applicable sanction laws and regulations. We do not knowingly support or process any transaction in relation to weapons or military equipment involving the Myanmar military,” a UOB spokesperson said in a statement on June 28 in response to queries from ST.
“The bank’s policy prohibits processing of transactions involving arms and dual-use goods to entities known to be acting on behalf of the Myanmar military,” the spokesperson said, adding that the bank applied enhanced due diligence measures to mitigate the risks associated with higher-risk customers, and “(scrutinised) transactions to differentiate legitimate trade from those that result in the subjugation of the Myanmar people”.
The bank added that it had sought more information from the United Nations Special Rapporteur in December 2023 “when first alerted to the alleged transactions that occurred in 2022.
“Once we receive details of the alleged transactions, we will review them and take any necessary action as appropriate.”
Much of Thailand’s increase, on the other hand, was attributed to Siam Commercial Bank, which processed over US$100 million in arms transactions in financial year 2023, up from just over US$5 million in the year prior, the report said.
It noted that military procurements facilitated by financial institutions in Malaysia, Russia and South Korea had also decreased in financial year 2023, compared with 2022.

On top of the sharp drop in the amount of arms that the Myanmar military purchased through transactions facilitated by Singapore-based financial institutions, the report noted that there was a steep decline in the amount of arms and weapons materials exported to the junta from Singapore-registered entities.
Exports from Singapore-based entities in financial year 2023 were just over US$10 million, a mere fraction of the more than US$110 million exported in the year prior. Only six Singapore-based companies transferred weapons and related materials to the Myanmar military in financial year 2023, compared to 81 in 2022.
Military exports from Thailand, however, doubled to over US$120 million in financial year 2023.
Despite the increased amounts of military procurement flowing from Thailand, overall, the volume of weapons and military supplies that the Myanmar military could procure through the international financial system decreased by a third, aided by Singapore’s crackdown, according to the report.
It went from $377 million in financial year 2022 to $253 million in 2023.
In the interview, Mr Andrews said: “We have some important momentum now, that Singapore has played a key role in creating. And now is the time to build on that momentum”.
“We are moving in the right direction, but we have to do it in a more aggressive way, in a more strategic way, in a more coordinated way,” he added.
The Myanmar military seized power in a February 2021 coup, and the country has since been plunged into political turmoil and violence as the junta battled anti-coup forces.
To crush the armed uprising, the junta stands accused of perpetrating human rights abuses against its own population, including the rampant use of air strikes that are said to have taken an enormous toll on civilians.
While there are no UN sanctions against Myanmar, some individual states – most notably the US – have imposed their own.
Among the entities the US has sanctioned include the Myanma Foreign Trade Bank, a state-owned bank that the report says “served as the primary bank facilitating foreign transactions involving Myanmar state-owned entities”.
In response, the junta has increasingly used Myanma Economic Bank, another state-owned bank that is, however, unsanctioned, to carry out key functions, according to the report.
Positing that there were “inherent and severe risks of doing business with Myanmar state-owned banks” even with due diligence checks in place, the report called for financial institutions to stop transacting with these banks entirely.
Other gaps in the sanctions mean that the country remains able to purchase aviation fuel, it added.
Independent analyst David Scott Mathieson said: “The (number of) air strikes is going up, but the ability of the international sanctions to stop them through (blocking) jet fuel sales, or other means, it is still not up there to make a real impact.”
He said the measures the report was advocating for, while important and welcomed, might not have a serious impact on the ability of the military to wage war, given that Myanmar has a domestic arms industry.
“As long as they are able to access raw materials and they are able to make bullets, weapons, landmines and lots of other things that can kill people, including artillery, (the junta) can keep fighting for quite some time,” he said.
A spokesperson for the non-profit Justice for Myanmar called on both Singapore and Thailand to do more.
“Singapore still needs to do more to resolve the crisis in Myanmar by ensuring no Myanmar arms brokers can operate in its territory and by imposing sanctions on Myanmar banks, as Singapore did in response to Russia’s invasion of Ukraine. Thailand must also do more to stop the transfer of weapons and related materials from companies registered in its territory,” said its spokesperson Yadanar Maung.

 

[LITTLEREDDOT]

Without international pressure, will the PAP government voluntarily clamp down on arms transfers made through SG?

Singapore will stop arms transfers without blocking legitimate trade with Myanmar: MFA​

Singapore will continue with efforts to prevent the Myanmar junta from accessing military supplies through the Republic. PHOTO: REUTERS
Varun Karthik

Jun 29, 2024

SINGAPORE – Singapore will continue with efforts to prevent the Myanmar junta from accessing military supplies through the Republic while being mindful about not blocking legitimate trade and transactions with Myanmar as that will hurt civilians there, the Ministry of Foreign Affairs (MFA) said on June 28.
“Legitimate trade and financial links between Singapore and Myanmar are necessary to support the livelihoods of the Myanmar people,” MFA said in a statement.
“We have been very careful to avoid inadvertently causing greater hardship for the Myanmar people.”
The statement came in response to media queries following the release of a report by UN Special Rapporteur Tom Andrews on June 26.
The report, which lauded the city-state for its decisive action in clamping down on both the export of military materials from Singapore and the facilitation of arms transactions by banks here, called for financial institutions to “terminate or freeze all financial relationships with Myanmar’s state-owned banks” while “(undertaking) enhanced due diligence on all business relationships and transactions related to Myanmar”.
MFA said: “Singapore’s policy is to prohibit the transfer of arms to Myanmar and to not authorise the transfer to Myanmar of dual-use items, which have been assessed to have potential military application and where there is a serious risk they may be used to inflict violence against unarmed civilians.”
It added: “At the same time, it is not the intention of the Singapore Government to block legitimate trade with Myanmar. Special Rapporteur Andrews’ findings underscore the effectiveness of Singapore’s policy, especially through the measures imposed by Singapore financial institutions (FIs).”

The ministry said FIs based here “will not facilitate any transactions that involve the sale and transfer of arms to Myanmar”, and that banks here have been applying enhanced due diligence on transactions involving Myanmar entities and individuals.
It noted that the Monetary Authority of Singapore had published a circular in August 2023 providing banks with additional guidance on the measures they should incorporate to better detect and manage sanctions-related risks.
“Singapore FIs also had success in the deployment of data analytics to better identify risks and apply appropriate risk-mitigation measures, in particular around the detection of front and shell companies being used to potentially evade sanctions,” MFA said.
“We await specific and actionable information from the Special Rapporteur’s Office so that we are able to conduct the necessary checks on the leads provided in his latest report, and ensure that our FIs and companies are taking the necessary measures to address the risks posed.”

 

[laksaboy]

Without international pressure, will the PAP government voluntarily clamp down on arms transfers made through SG?

Pressure? I don't see them sanctioning this island shithole.

 

[LITTLEREDDOT]

$3b money laundering case: 2 ex-bank employees and former driver of fugitive to be charged in court​

The biggest money laundering probe in Singapore saw about $3 billion in cash and assets seized or issued with prohibition of disposal orders. PHOTOS: ST FILE
Nadine Chua and Andrew Wong

Aug 15, 2024

SINGAPORE - Two former bank employees will be charged in court on Aug 15 over money laundering and forgery offences, one year after 400 police officers raided multiple luxury homes in the biggest money laundering probe in Singapore.
In a statement on Aug 14, police said a Singaporean man will also be taken to court.
The 41-year-old was the personal driver to businessman Su Binghai, who fled amid the probe and is currently wanted for his involvement in alleged money laundering offences.
The Singaporean will face two charges – for lying to the police that Su did not leave any valuables in his possession, and for obstructing the course of justice by disposing of four vehicles belonging to his former boss.
Police did not name the former bank employees but identified them as Chinese nationals, aged 26 and 35.
The Straits Times understands that the younger man is Wang Qiming.
He previously worked at Citibank as a relationship manager but his employment was terminated in April 2022, according to an earlier statement by the Wall Street bank.

Wang’s name had appeared in a number of court documents during the hearings of the 10 foreigners.
In affidavits produced in court then, Commercial Affairs Department (CAD) investigators said they had first investigated Wang over alleged forgery claims before arresting him in October 2021.
The authorities found links between Wang and Vang Shuiming, who was convicted in the case. He was Vang’s relationship manager at Citibank in 2021.

In their statement, police said: “Between April 19, 2021 and April 25, 2021, the 26-year-old man allegedly forged a loan document to cheat the bank in which he was working as to the source of Vang Shuiming’s funds, thereby allowing the deposit of $999,980 into Vang Shuiming’s bank account on March 29, 2021.”
Wang had also purportedly helped Su Baolin, who was similarly convicted in the case.
Police said the 26-year-old man was purportedly in possession of $481,678 of cash collected on behalf of Su Baolin on Dec 15, 2020, for which he has been unable to provide a satisfactory account of its provenance.
Wang had been on bail since Nov 16, 2021. He was not considered a flight risk, with the police saying in an affidavit that he did not have substantial assets at his disposal and lacked foreign connections who could help him abscond.
Police said he is facing 10 charges in total.

Meanwhile, the 35-year-old man is facing one charge.
He had allegedly abetted Lin Baoying, who was also convicted, to submit a forged tax document to a foreign-incorporated bank to facilitate the opening of a bank account in Switzerland.
The man was a relationship manager with the local branch of the bank.
In their statement, police said they take a serious view of the laundering of criminal proceeds through the financial system.
Mr David Chew, director of the CAD, which led the probe, said: “Banks, as important gatekeepers of our financial system, have compliance systems in place to detect and turn away criminal funds.
“We rely on the integrity of bankers in general and relationship managers in particular, as the interface between clients and the banks, to ensure this.”
He added that those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws.
A report by Bloomberg showed the 10 former convicts had deposited money in 16 banks, with Credit Suisse having the largest portion at $79.6 million, and Citigroup a close second at $79.3 million.
Local bank UOB was third, with $41.6 million.

Tightened regulations​

Following the raids, the authorities moved to strengthen the regulatory environment not just in the banking sector but also for corporate service providers.
On its part, the Monetary Authority of Singapore (MAS) indicated that it was conducting detailed supervisory reviews and inspections of the financial institutions linked to the case.
The regulatory body said it will take action if financial institutions are found to have fallen short of its requirements.
Separately, the Accounting and Corporate Regulatory Authority (Acra) started scrutinising corporate service providers after it emerged that several of the former convicts had set up shell companies allegedly with the help of Singaporeans.
There are close to 3,000 firms providing corporate services in Singapore.
ST had in 2023 revealed that Singaporean Wang Junjie, a registered qualified individual (RQI), was named as secretary or director of 185 companies, including nine linked to the money laundering case.
RQIs and registered filing agents (RFAs) provide corporate secretariat services for business entities, such as helping customers to incorporate companies and file annual returns.
Following an investigation by Acra, Wang Junjie, who was the director and RQI of LW Business Consultancy, had his registration as a qualified individual cancelled in January 2024.
In February, the regulatory body sanctioned Jackson Lim Wei, who was an RQI and director of Sprout Corporate Services. Lim was linked to several companies connected to the money laundering probe.
At least five RQIs and four RFAs, including Wang and Lim and their firms, have been sanctioned since news of the money laundering case broke in August 2023.

The Government has since enhanced laws to allow its agencies to share data like tax returns and business information to better tackle money laundering offences in Singapore and speed up investigations.
Meanwhile, Parliament on Aug 6 passed the Anti-Money Laundering and Other Matters Bill. The proposed law gives the Singapore courts the power to order the sale of seized properties without the consent of involved parties.
Under the proposed law, an abscondee suspected of committing a crime here has to personally present himself before a law enforcement officer to assist in investigations, before he can make a claim to the property seized in respect of the offence.
The Bill will also make it easier for Singapore to prosecute money laundering offences as the prosecution will no longer need to prove that the money laundered constituted benefits from criminal conduct, or show the complete trail of funds.
Singapore has made asset recovery a priority in its national anti-money laundering regime.
In a speech at the opening of the Financial Action Task Force (FATF) Plenary Meeting on June 26, Prime Minister Lawrence Wong said the strategy will deprive criminals of their illicit funds and assets, remove the financial incentives for criminals to launder their illicit proceeds in Singapore, and return these assets to victims.
“Singapore is fully committed to doing our part. As an international financial and business hub, we recognise that we face greater money laundering and terrorism financing risks.
“But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre,” said PM Wong.
The country rolled out its first-ever National Asset Recovery Strategy that same day and revealed that anti-money laundering efforts here had seen the authorities seize $6 billion linked to criminal and money laundering activities between January 2019 and June 2024.
About $416 million has been returned to victims, while $1 billion has been forfeited to the state. A large bulk of the remaining sum is linked to ongoing investigations or court proceedings.

Islandwide raids​

The CAD-led operation took place on Aug 15, 2023, with the police launching simultaneous raids across luxury housing estates in Singapore.
As the authorities widened the dragnet, a number of suspects fled the country.
About $3 billion in cash and assets were seized or issued with prohibition of disposal orders, including jewellery, watches, cars and bottles of alcohol.
The 10 convicted agreed to surrender more than $900 million in cash and assets as part of their plea deals.
The remaining sum was traced to the 17 suspects who had left Singapore abruptly amid the probe.
Police had earlier indicated that there would be no let-up in their attempt to haul in others linked to the case, saying they were working with Interpol to issue red notices against some of the suspects in the case.
The Interpol Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
In January 2024, warrants of arrest and Interpol Red Notices were issued against two suspects – Cambodian nationals Su Yongcan, 33, and Wang Huoqiang, 29.
The nine men and one woman arrested in the operation were sentenced to jail terms of between 13 and 17 months.
All 10 of them have since been deported and barred from re-entering Singapore.
Su Wenqiang, Wang Baosen, Su Baolin, Su Haijin, Chen Qingyuan, Zhang Ruijin, Lin Baoying and Su Jianfeng were deported to Cambodia.
Vang Shuiming was deported to Japan while Wang Dehai was deported to Britain.

 

[LITTLEREDDOT]

$3b money laundering case: First S’porean charged; he allegedly disposed of Rolls-Royce, Ferrari​

Liew Yik Kit, who was the personal driver to Cambodian national Su Binghai, was handed two charges on Aug 15. ST PHOTO: KELVIN CHNG

Christine Tan

Aug 15, 2024

SINGAPORE – On the first anniversary of the arrests of 10 foreigners in Singapore’s largest money laundering case, the first Singaporean linked to the crimes was hauled to court.
Liew Yik Kit, 41, was the personal driver to Cambodian national Su Binghai, who fled during the probe and is wanted for his involvement in alleged money laundering offences.
Liew was handed two charges on Aug 15 – one for lying to the police, and another one for obstructing the course of justice.
He had allegedly lied to police that Su did not leave any valuables in his possession, when he actually had the businessman’s four luxury cars – a Rolls-Royce Phantom, a Rolls-Royce Cullinan, a Ferrari F8 Spider and a Ferrari Stradale.
The former driver then purportedly disposed of the four cars at the multi-storey carpark at Block 20 Upper Boon Keng Road between Sept 11, 2023, and Oct 5, 2023.
This alleged act caused the police to miss out on seizing the four vehicles and obstructed the course of justice.
Company records show Liew was the authorised representative of a car rental company, Quality Limo Services. The firm is no longer in operation.

Liew, who has yet to engage a lawyer, asked the court for time to consider his plea and seek legal advice. He was granted bail of $15,000.
Two Chinese nationals who were former relationship managers at banks were also charged on Aug 15.
Liu Kai, 35, who was a relationship manager at Swiss private bank Julius Baer, was charged with abetting one of the convicts in the money laundering case to use a forged document.

Liu faces one charge of abetting Lin Baoying, the only woman convicted in the case, to submit a forged tax document in November 2020.
Police said Liu allegedly received various alterations of a forged tax document from Lin before submitting the final version to the bank as a supporting document to facilitate the opening of a bank account in Switzerland.
Wang Qiming, 26, a former relationship manager at Citibank, whose clients included two of the 10 convicted money launderers, Su Baolin and Vang Shuiming, was handed 10 charges.

Wang Qiming had allegedly possessed $481,678 in cash collected on behalf of Su Baolin on Dec 15, 2020. ST PHOTO: KELVIN CHNG
According to charge sheets, around December 2020, Wang allegedly abetted Su Baolin in making a false loan agreement to deceive Standard Chartered Bank about the source of the deposit made into Su Baolin’s bank account.
Wang had allegedly possessed $481,678 in cash collected on behalf of Su Baolin on Dec 15, 2020, and could not satisfactorily explain where it came from. He was charged with laundering this sum.
Between April 19 and April 25, 2021, he also allegedly forged a loan document to deceive Citibank about the source of Vang’s funds, thus allowing the deposit of $999,980 into Vang’s bank account.
Wang faces one count of obstructing the course of justice by deleting the WhatsApp application on his mobile phone on Oct 12, 2021, which could have contained his communication records with the bank’s clients.
The former Citibank employee was also charged with providing false information to an Immigration and Checkpoints Authority officer on Nov 15, 2021, claiming he had lost his passport, when it had been surrendered to the Singapore Police Force.
In court affidavits produced during the hearings of the 10 foreigners, Commercial Affairs Department (CAD) investigators said they first probed Wang over alleged forgery claims before arresting him in 2021.
His employment was terminated in April 2022, according to an earlier statement by the Wall Street bank.
Liu is represented by a legal team from Lee & Lee, while Wang is represented by lawyers from Anthony Law Corp. Their lawyers said the men have not indicated any plea.
Liu was granted bail of $15,000, while Wang was granted bail of $25,000. Liew’s and Liu’s cases will be heard again on Sept 12, and Wang’s case is scheduled for Sept 19.

On Aug 14, CAD director David Chew said in the police statement: “Banks as important gatekeepers of our financial system have compliance systems in place to detect and turn away criminal funds.
“We rely on the integrity of bankers in general and relationship managers, in particular, as the interface between clients and the banks, to ensure this.”
He added that those who help clients circumvent their financial institutions’ due diligence processes or help clients forge documents to conceal the true nature of their assets must be dealt with robustly under Singapore’s laws.
On Aug 15, 2023, more than 400 police officers raided luxury housing estates in Singapore simultaneously and nabbed 10 foreigners.
About $3 billion in cash and assets, including jewellery, watches, cars and bottles of alcohol, were seized or issued with prohibition of disposal orders.
The nine men and one woman were convicted and agreed to surrender more than $900 million in cash and assets as part of their plea deals.
The remaining sum was traced to 17 other suspects who had fled Singapore during the probe.
In January 2024, warrants of arrest and Interpol red notices were issued against two suspects – Cambodian nationals Su Yongcan, 33, and Wang Huoqiang, 29.
The 10 convicted were sentenced to jail terms of between 13 and 17 months. All have been deported and barred from re-entering Singapore.
Su Wenqiang, Wang Baosen, Su Baolin, Su Haijin, Chen Qingyuan, Zhang Ruijin, Lin and Su Jianfeng were deported to Cambodia.
Vang was deported to Japan, while Wang Dehai was deported to Britain.