SG is money-laundering hub

[LITTLEREDDOT]

Porsche, 2 Rolls-Royces among 4 cars seized from Bukit Timah bungalow in $2.8b money laundering case​

(Clockwise from top left) A red Rolls-Royce Dawn, a red Porsche 911 Targa, a white Toyota Alphard and a black Rolls-Royce Cullinan were seized from a good class bungalow in Third Avenue on Oct 25. ST PHOTOS: ARIFFIN JAMAR
Nadine Chua and Andrew Wong

Oct 25, 2023

SINGAPORE – Four luxury cars linked to Singapore’s worst money laundering case were towed out of a good class bungalow (GCB) in Third Avenue, off Bukit Timah Road, on Wednesday.
At around 2.30pm, a red Rolls-Royce Dawn, a black Rolls-Royce Cullinan, a red Porsche 911 Targa and a white Toyota Alphard were removed by the police from the sprawling complex of more than 19,000 sq ft.
The cars are worth over $4.7 million, according to an affidavit filed in September by a Commercial Affairs Department (CAD) officer.
The GCB is rented by Vanuatu national Su Jianfeng, 35, who is one of the 10 accused in the case.
The Straits Times saw one police vehicle in the bungalow and four tow trucks outside the compound. At least eight police officers were also at the property.
The first to be towed out was the Cullinan, followed by the Dawn, the Alphard, and then the Targa.
Each of the four tow trucks had a police officer accompanying the driver.

The red Rolls-Royce Dawn being towed away on a truck on Oct 25. ST PHOTO: ARIFFIN JAMAR
ST followed the seized vehicles to a logistics hub near Pioneer Road, where all four vehicles were parked. There were several other luxury vehicles parked in the same area, including a light blue Rolls-Royce.
On Wednesday, the police said they seized items issued with prohibition of disposal orders relating to the money laundering case at two locations. Four cars and 56 Bearbricks ornaments were seized.
The police did not say where the other location was.

A Bearbrick – stylised as BE@RBRICK – is a collectible toy figure produced by Japanese collectible company Medicom Toy.
The toys, shaped like an anthropomorphic bear and made of plastic, come in different sizes – for instance, 100 per cent, 400 per cent or 1,000 per cent – with the percentage corresponding with the height.

The police said they seized 56 Bearbrick figurines at another location on Wednesday. PHOTO: SINGAPORE POLICE FORCE
Mr Shawn Wee, the owner of collectibles store Eye For Toys, had told ST in August that the Bearbricks seized in the raids could be worth between $450,000 and $500,000.
The police said: “As part of the investigation process, the police are moving the seized items to appropriate locations to prevent tampering, loss, destruction or any other occurence which may diminish their evidentiary value.”
The cars were among the 62 vehicles and 152 properties issued with prohibition of disposal orders by the authorities. This means they cannot be sold.
The vehicles and properties are worth more than $1.24 billion.

The case is also considered one of the world’s largest money laundering cases.
The police had said in August that Su Jianfeng was arrested at his residence in Third Avenue. He faces four money laundering charges.

The good class bungalow in Third Avenue is rented by Vanuatu national Su Jianfeng. PHOTOS: SUPPLIED, ARIFFIN JAMAR
On Oct 18, prosecutors said he had claimed to be the chief executive of a computer support firm, but did not know where his office was.
In fact, investigations show that this firm, An Xing Technology, is a shell company, said the prosecution in arguing against granting him bail.
The CAD officer’s affidavit had said that more than $231 million worth of assets belonging to Su Jianfeng and his wife have been seized or subjected to prohibition of disposal orders.
They include 13 real estate properties worth over $115 million, four vehicles worth over $4.7 million, $18.4 million in cash, $66 million in bank accounts and $26 million worth of cryptocurrency.
According to an Accounting and Corporate Regulatory Authority search, Su Jianfeng has another registered address at a St Thomas Walk condominium.
He is wanted in China for alleged links to an illegal gambling gang uncovered in 2017. Another of the accused, Cypriot national Wang Dehai, is wanted for his part in the same operation.

This is the second time this week ST has seen items being moved out from the GCBs linked to the accused individuals in the money laundering case.
On Monday at around 2pm, ST saw workers packing items into cardboard boxes at a GCB in Nassim Road. The pallets were then moved into a truck at about 6.10pm, leaving the area 10 minutes later.
Su Baolin, who faces two forgery charges, had rented the GCB in Nassim Road with his wife, Ma Ning.

The hilltop good class bungalow which was previously rented by suspect Su Baolin in Nassim Road has been vacated by his family. ST PHOTO: ZAIHAN MOHAMED YUSOF
There were several cars parked on the street during the operation. ST also saw plain-clothes police officers there.
Last Wednesday, ST saw items being removed from another GCB in Bishopsgate, off Tanglin Road, by movers. The house is rented by another accused – Vang Shuiming, or Wang Shuiming – and his wife, Wang Ruiyan.
Vang faces four money laundering charges and one charge of using a forged document.

Vang Shuiming, or Wang Shuiming, faces four money laundering charges and one charge of using a forged document. PHOTO: SINA.COM
The items, which included one pallet of about 50 bottles of Macallan 25 Years Sherry Oak whisky, were loaded into an air-conditioned truck. Each bottle of the whisky costs between $4,000 and $5,000.
The truck, which was escorted by the same car present in Nassim Road on Monday, then travelled to Le Freeport Singapore, a high-security storage facility in Changi North Crescent. It is touted as the safest area in Singapore for wealth protection.

The cars involved in the money laundering case were seized and transported to a logistics warehouse for storage, on Oct 25. ST PHOTO: ARIFFIN JAMAR
Shin Min Daily News had reported last Friday that a number of other assets, including a Rolls-Royce and a Bentley, were also transported from the Bishopsgate house.
Plain-clothes police officers entered the property and remained there for about four hours.
The anti-money laundering operation on Aug 15 involved more than 400 police officers and saw raids at properties in areas such as Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.
Ten foreigners, all originally from China, were charged the next day with offences including money laundering, forgery and resisting arrest.

 

[LITTLEREDDOT]

Money laundering accused on the run from Chinese authorities, came to S’pore in 2021: Prosecutor​

Su Wenqiang, who was arrested at a good class bungalow in Bukit Timah on Aug 15, faces two money laundering charges. PHOTO: CHINA POLICE

Nadine Chua

Nov 2, 2023

SINGAPORE – One of the 10 people accused in Singapore’s largest money laundering case was not just a foreigner when he came to Singapore in 2021.
He was a fugitive on the run from the Chinese authorities, said the prosecution on Thursday.
This was revealed at the bail review for Cambodian national Su Wenqiang, 31. His application for bail was denied.
In arguing for his client to be released on bail, Su’s lawyer Sameer Amir Melber said Su came to Singapore in 2021 with his wife and children, aged five and six, as he wanted his children to be educated here.
But Deputy Public Prosecutor Edwin Soh said: “The fact that his children study in Singapore is clearly insufficient to show that he is not a flight risk.
“The accused is not just a foreigner who came to Singapore in 2021. He is also a wanted fugitive who is currently evading Chinese authorities. He is currently on the run (from the authorities in China).”
Senior investigation officer (SIO) Francis Lim of the Criminal Investigation Department said in an affidavit that Su has been wanted by the Chinese authorities for illegal online gambling activities since 2017.

SIO Lim said Su was recruited to be an executive at a remote lottery business operating from the Philippines and Cambodia, and targeting gamblers from China. He was paid in cash.
Su and his accomplices would communicate via WhatsApp and Telegram group chats to discuss their operations, including moving funds from remote gambling websites across borders, said SIO Lim.
He said these four accomplices are wanted by police here, as they were not in Singapore when anti-money laundering raids were conducted here on Aug 15.

In Su’s affidavit, he claimed even if he were to be granted bail, he would not be able to contact his accomplices as his laptops and mobile phones had been seized.
But SIO Lim argued that Su could use another device to access his WhatsApp and Telegram accounts and get his accomplices’ help to abscond.
Su, who was arrested at a good class bungalow in Bukit Timah on Aug 15, faces two money laundering charges. He was charged on Aug 16 with allegedly possessing $601,706, which is said to represent his benefits from criminal conduct.
He was handed another charge on Aug 30 for allegedly buying a Mercedes-Benz AMG C63S car using $500,000 that was allegedly his benefit from providing an unlawful remote gambling service based in the Philippines for people in China.
SIO Lim noted in his first affidavit that the police also seized two vehicles in Su’s wife’s name, with an estimated value of at least $584,000, and more than $2 million parked in her bank account.
Su also has substantial wealth overseas, including a house in Xiamen worth around $1.9 million and registered to his wife Su Yanping.
On Thursday, Mr Sameer told the court that his client had said all gambling services in the Philippines were approved by the authorities there. He added that the remote gambling services were not facilitated in Singapore and no one here had used these services.
But DPP Soh said in his submissions that Su had not shown any licence for the remote gambling business to the police.
And even if the business was legal in the Philippines, Su had purportedly provided gambling services to Chinese citizens in China, which is an offence in China, said DPP Soh.
Su appeared via video link in a white shirt and kept his head down during proceedings.
At the hearing on Aug 30, he had said in Mandarin that he was on the verge of a mental breakdown and requested that the court grant him bail.

In denying Su bail on Thursday, District Judge Brenda Tan noted that he was neither a Singapore citizen nor a permanent resident here.
She said: “He owns passports from Cambodia, China and Vanuatu. He did not dispute that he was able to obtain his passports from Cambodia and Vanuatu with ease even though he had never been to those countries.”
She added that Su’s parents reside in China and his family members are foreigners, thus clearly showing he has no deep roots in Singapore.
The judge said: “Moreover, he is a fugitive who has been on the run. Mr Su would thus have the motive and incentive to relocate and flee again.”
She noted that he has accomplices at large who may assist him in absconding.
Ten foreigners, all originally from China, were charged on Aug 16 with various offences, including money laundering, forgery and resisting arrest.

The 10 suspects are (clockwise from top left) Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming and Wang Baosen. ST ILLUSTRATIONS: CEL GULAPA
The authorities have since taken control of more than $2.8 billion worth of assets, including 152 properties and 62 vehicles with an estimated value of more than $1.24 billion.
The assets also include money in bank accounts amounting to more than $1.45 billion, and cash in various currencies worth more than $76 million.
Thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 294 luxury bags, 164 branded watches and 546 pieces of jewellery were also seized.
It is Singapore’s biggest money laundering case and said to be one of the world’s largest.
Su’s case is scheduled for a pre-trial conference on Dec 14.

 

[True Believer]

In spite of Su Wenqiang being a fugitive on the run from Chinese authorities, he was allowed into S'pore in 2021 and permitted to buy multiple luxury cars and rent a GCB. How do our authorities expect us to believe they weren't sleeping on the job?

 

[True Believer]

The 62 cars and 152 private properties purchased by the money launderers are worth more than $1.24 billion. How were all these purchased by the criminals with the blessings of our Govt? S'poreans do not believe that such purchases (we are sure that this is only the tip of the iceberg) have little impact on the skyrocketing property and private car market.

 

[LITTLEREDDOT]

S’pore’s money-laundering risk score slightly up in 2023 Basel index​

In August, the police arrested 10 foreigners and charged them with forgery and laundering profits from organised crimes. PHOTO: ST FILE

Angela Tan
Senior Correspondent

NOV 15, 2023

SINGAPORE – Singapore’s money laundering and terrorist financing (ML/TF) risk level has inched up slightly, according to the 2023 Basel Anti-Money Laundering (AML) Index.
Its score in the index rose to 4.30 out of 10 – from 4.28 in 2022. The higher the score, the more “dirty money” risks a country faces.
Dr Kateryna Boguslavska, project manager of Basel AML Index at the Basel Institute on Governance in Switzerland, told The Straits Times that “it falls into the category of a medium-risk jurisdiction for ML/TF”.
The slight rise in Singapore’s score was due to higher risks in the indicators of corruption, bribery and environmental crimes. However, these were “not dramatic”, she noted.
She added: “Even after the increase, the risks in these specific areas are still at a relatively low level.”
The Basel AML Index ranks global jurisdictions according to their risks of money laundering and terror financing.
The index uses a methodology based on 18 indicators from publicly available sources such as the Financial Action Task Force (FATF), a global body that fights money laundering, and Transparency International, a corruption fighter.

Information from the World Bank and World Economic Forum is also used.
The indicators are categorised into five domains: quality of anti-money laundering and counter-financing of terrorism (AML/CFT) framework; bribery and corruption risk; financial transparency and standards; public transparency and accountability; and legal and political risk.
Singapore’s weakest domain was the quality of its AML/CFT framework, with a score of 5.28. Particular weak spots involved the FATF assessment and Financial Secrecy Index data, Dr Boguslavska said.

In the other four domains, the Republic enjoyed relatively low risk scores.
The data used by the Basel AML Index does not reflect the latest money laundering cases, she added.
But looking at data from the FATF gives a hint to the possible structural reasons behind the cases here.
For example, Singapore needs to make improvements in terms of the effectiveness of AML/CFT measures in four areas: the investigation and prosecution of ML/TF offences; beneficial ownership transparency; supervision; and preventive measures by financial institutions and designated non-financial businesses and professions (DNFBPs).
The Republic needs to improve the regulation and supervision of the DNFBP sector, Dr Boguslavska added. This includes property agents, precious metals dealers, lawyers and accountants, casinos and online gambling, trust service and corporate service providers.
“The latest money laundering cases demonstrate that the deficiencies identified by the FATF assessment, including regulation and supervision of DNFBPs, are still relevant,” she said, referring to one of the world’s largest money laundering cases which happened in Singapore.
In August, the police here arrested 10 foreigners and charged them with forgery and laundering profits from organised crimes. The assets seized or issued with prohibition of disposal orders following the islandwide raids are worth more than $2.8 billion.

Globally, the average ML/TF risk level has climbed to 5.31 in 2023 – from 5.25 in 2022.
Similar to 2022, risks rose in four of the five domains: corruption and bribery; financial transparency and standards; public transparency and accountability; and legal and political risk.
Scores for the quality of AML/CFT frameworks remained unchanged.
Most worrisome is the continued decline in the effectiveness of AML/CFT measures, which has fallen from the already low level of 30 per cent to 28 per cent over the last two years, Ms Gretta Fenner, managing director of the Basel Institute on Governance, said in a webinar on Monday to launch the 2023 Basel AML Index.
The least effective areas are those that are key to AML/CFT, such as the misuse of non-profit organisations for terrorist financing, transparency of beneficial ownership, supervision, prosecution, confiscation and measures to prevent the proliferation of weapons of mass destruction.
Terrorist groups are known to have received millions in financing through cryptocurrencies, and there are concerns that non-profit organisations are being misused to fund terrorism, said Ms Fenner, noting that many of these areas are also problematic in terms of compliance.
Globally, compliance for non-profit organisations and virtual assets has also fallen short of standards set by the FATF, according to the 2023 report.
Ms Fenner, who is also director of the institute’s International Centre for Asset Recovery, said the biggest deterrent to ML/TF is the confiscation of illicit assets.
Yet, she noted that less than 1 per cent of the trillions of dollars of global illicit financial flows have been intercepted and recovered by countries.
“It is not so much the lack of laws or legal instruments but more of a failure to implement them effectively,” she said. “Many countries have the necessary legal mechanisms to confiscate more illicit assets but are not putting them into practice.”
Globally, the effectiveness of confiscation measures according to FATF data is just 28 per cent, which is unchanged from 2022.
Governments face challenges in implementing financial sanctions, from identifying the beneficial owners of companies to outsmarting “enablers” of money laundering and sanctions evasion.
It also requires authorities to respond quickly to identify, freeze, seize or confiscate a wide range of criminally tainted property, and have the mechanisms to manage properties seized or confiscated for foreign jurisdictions.
In response to the findings in the report, Mr Alan Ketley, executive secretary of the Wolfsberg Group, said non-profit organisations should identify and assess their own risks and adopt controls to mitigate them.
The Wolfsberg Group is an association of global banks which aims to develop frameworks and guidance for the management of financial crime risks.
“Relevant national authorities should enforce this requirement and monitor its implementation,” he said. “Identifying the source and destination of funds is a fundamental element of managing risk for an activity involving the raising and disbursing of funds.”

In the Basel 2023 Index, Haiti topped the list of high-risk countries facing the most ML/TF risks, scoring 8.25. Iceland was the least risky with a score of 2.87.
Within the Asia-Pacific, Vietnam scored 6.96; Cambodia 6.78; China 6.77; Malaysia 5.21; Japan 4.66; and Australia 3.69.
The East Asia and Pacific region saw significant variation in risks, with nearly a third of the jurisdictions rated as high risk.

 

[LITTLEREDDOT]

Lawyer for money laundering accused claims Changi prison cannot meet client’s medical needs​

The lawyer proposed for Su Baolin to be placed under 24-hour surveillance at his client’s own cost if bail is granted.

Wong Shiying

NOV 16, 2023

SINGAPORE – A bail review hearing for Su Baolin, an accused in the $2.8 billion money laundering probe, has been postponed to allow the prosecution to check his lawyer’s claims that Changi Prison is not able to meet his medical needs.
Deputy Public Prosecutor R. Arvindren, who applied to adjourn the session, said lawyers for the Cambodian national submitted arguments only on Wednesday morning, just hours before his court hearing at 2.30pm.
Su, 42, faces two charges – one for allegedly using a forged document to show he was the executive director of an import-export company, and a second where he is said to have conspired with former Citibank employee Wang Qiming to make a false document with the intention to cheat Standard Chartered Bank.
During the hearing, the DPP summarised the defence’s arguments for bail to be granted, namely that Su suffers from a serious congenital heart condition; he is at a high risk of gastric cancer; the travelling time to the nearest hospital is shorter from his home compared to prison; and Changi Prison Complex Medical Centre (CMC) cannot meet his medical needs.
DPP Arvindren said: “In the defence’s words, the CMC needlessly gambles with the accused’s life. This is a serious allegation that the prosecution will need to check with the Singapore Prison Service (SPS) before responding.”
In response to District Judge Brenda Tan’s query on why the defence submitted arguments only on the morning of the hearing, Su’s lawyer Sunil Sudheesan said his team was in communication with the accused’s doctor and received a few responses on Tuesday.
Urging the judge not to grant an adjournment, Mr Sudheesan said he made clear six weeks ago that the defence would be asking for Su to be released on bail. He added that the prosecution had time to prepare any affidavits necessary.

“It is extremely unfair for the prosecution to ask for more time, given that the accused had been called up for investigations since mid-2021, and the other accused person mentioned in his charge, Wang Qiming, who is also a foreign national, is out on bail,” said Mr Sudheesan, who is from Quahe Woo & Palmer.
The lawyer said Su’s home is a short drive from Gleneagles Hospital, which is in Napier Road. Su was renting a good class bungalow in Nassim Road, which is close to the hospital, when he was arrested on Aug 15.
Nine other foreigners were also arrested that day in the money laundering probe.

Mr Sudheesan proposed for Su to be placed under 24-hour surveillance by Cisco or Aetos officers at his client’s own cost if bail is granted.
The lawyer also suggested having independent Fujian and Mandarin interpreters accompany the security personnel, so that the authorities are alerted immediately if Su concocts a plan to leave Singapore, or colludes with any of the parties involved in the case.
“The court’s main concern is managing the accused’s flight risk and making sure he attends court... The proposed bail conditions would destroy any sort of flight risk,” said Mr Sudheesan.
Judge Tan did not grant Su bail in September, saying there was a real and high flight risk given that the accused owns a condominium in China and has the means to relocate.
She also accepted the prosecution’s arguments then that there was a risk of collusion as Su had refused to divulge the true extent of his relationship with Su Haijin, another suspect in the money laundering case.

 

[LITTLEREDDOT]

Money laundering accused denied bail again; relatives refused permission to enter S’pore​

Wang Baosen, who was here on a dependant pass, had argued that his family has strong ties to Singapore. PHOTOS: CEL GULAPA, SINGAPORE POLICE FORCE
Wong Shiying and Andrew Wong

NOV 17, 2023

SINGAPORE - Relatives of money laundering accused Wang Baosen were denied passes to enter and remain in Singapore after his arrest on Aug 15, the court heard on Thursday as it rejected his second attempt at securing bail.
The Chinese national’s mother, brother and niece applied to enter Singapore to give him support after the police rounded up 10 foreign nationals, including Wang, and seized about $2.8 billion in cash and assets.
His mother was in the country on a social visit pass when Wang was arrested, the court heard. She tried to extend the visit pass but was rejected.
After leaving Singapore, she applied to enter the country again but failed.
Wang, who was here on a dependant pass, argued that his family has strong ties to the country. In his affidavit, he said he and his wife He Huifang set up a family office here as a way to relocate to Singapore.
Huixia Technology Investment and Huixia Technology FO were incorporated in April 2021 before the couple moved here at different times in January 2022.
Their older daughter moved here in the same month, and the younger daughter came in August that year.

Wang’s lawyer, Mr Favian Kang from Adelphi Law Chambers, said on Thursday that his client’s ties to the country showed he was not a flight risk.
He said Wang’s two daughters, aged three and four, are enrolled in schools here, and that his family members had made plans to visit him.
Mr Kang added that Wang loves his daughters “very much” and they serve as a deterrent to him absconding as “he would never leave them behind”.

He added that his client’s Chinese and Vanuatu passports – as well as assets of more than $18 million in relation to his case – had been seized by the authorities.
Deputy Public Prosecutor Foo Shi Hao said Wang’s family members could just as easily leave Singapore if he were to abscond.
“Even if they successfully enter Singapore, that would not ameliorate the accused’s flight risk,” he added.
At the bail review hearing on Thursday, which saw the prosecution accuse Wang of giving false information to the authorities, DPP Foo cited an affidavit by an investigation officer (IO) with the Commercial Affairs Department (CAD) to counter the accused’s claims that he has strong ties to the country.
The IO said that Wang moved here less than two years before his arrest. The officer added that his wife and daughters are Chinese nationals.
DPP Foo said the accused also has overseas sources of funds – namely, his family’s tea plantation in Anxi county in Fujian province.

The accused earlier admitted to the IO he had received one million yuan (S$188,470) from his family’s business in the past, which he claimed he gambled away.
His father also has a history of giving him large sums of money – at least $1.27 million between 2016 and 2023 – of which $300,000 was given to Wang in 2022 to pay for a property in Turkey to obtain a Turkish passport.
It is not clear if he obtained the passport.
The prosecution said Wang has links to overseas criminal operations as well. He had earlier admitted to the police that he had previously worked with his cousin Wang Bingang at Hong Li International Entertainment, an illegal remote gambling site.
He said his superior was Wang Cailin, one of two associates who helped Wang Bingang set up the gambling site in 2012.
But Wang later tried to change his story in his affidavit.

DPP Foo said: “Not only does the accused have links to people involved in an illegal online gambling business, he has also shown himself to be untruthful about such links.
“This heightens the risk that the accused would collude with other persons related to this business if he were allowed to go on bail.”
District Judge Terence Tay said the IO’s dealings with Wang suggest the accused is a disingenuous individual who is flippant with his dealings with the CAD and the courts.
“Though two known passports were seized, there is no evidence that the accused cannot obtain new passports. His daughters also applied to be in an international school rather than a mainstream school.
“Though the defence claimed that our public infrastructure will ensure the accused does not abscond, I am reluctant to take the entitled view that the entire police force and population of Singapore will ensure he does not,” added the judge.
In denying him bail, the judge said Wang did not discharge the burden that bail should be extended to him.
Thursday’s session was Wang’s second attempt at seeking bail, after his previous application on Sept 6 was rejected. Wang faces two money laundering charges here relating to monies from illegal remote gambling.
He faces a maximum jail term of up to 10 years and a fine of up to $500,000 for each charge.

 

[LITTLEREDDOT]

Money laundering accused lied about being a fugitive from China; S’pore court rejects bail request​

Chen Qingyuan is listed in a wanted notice, with the authorities in China looking to arrest him over fraud allegations. ST ILLUSTRATION: CEL GULAPA
Wong Shiying and Andrew Wong

Nov 17, 2023

SINGAPORE – Money laundering suspect Chen Qingyuan was denied bail on Nov 17, with the court calling him out for lying to the authorities about his status as a fugitive from China.
Chen, an accused in the $2.8 billion money laundering probe in Singapore, is listed in a wanted notice, with the authorities in China looking to arrest him over fraud allegations.
In arguing against granting Chen bail, investigation officer Poon Chee Ming from the Commercial Affairs Department (CAD) described Chen as a high flight risk.
He added that the Chinese national, who also holds passports from Cambodia and Dominica, is a fugitive from the law.
But Chen, in his affidavit, said it was “entirely untrue” that he is wanted by the Chinese authorities, adding that he was “entirely unsure” of the basis for the investigation officer to make the claim.
His lawyer, Mr Gary Low from Drew and Napier, said the wanted notice submitted by the investigation officer had come from a dubious source – an anonymous post on a Chinese Internet platform – and urged the court to give it no weight.
In response, Deputy Public Prosecutor Foo Shi Hao said the wanted notice in question contains Chen’s name and identification number, as well as his household registration and address in China.

The DPP added that Chen himself had earlier admitted to the investigation officer that he avoided travelling back to China because of his status as a wanted person.
At least two other accused people in the probe – Su Wenqiang and Vang Shuiming, also known as Wang Shuiming – are wanted by the authorities in China for their alleged involvement in illegal online gambling activities.
Cambodian national Su Wenqiang, 31, currently faces two money laundering charges in Singapore.

Turkish national Wang Shuiming, 42, faces five charges – one count of using a forged document and four counts of money laundering.
Chen, 33, faces four charges relating to possessing cash, bank accounts, cars and cryptocurrency worth more than $8 million said to represent benefits from criminal conduct.
Each charge carries a maximum jail term of 10 years and a fine of up to $500,000.

The 10 suspects are (clockwise from top left) Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming and Wang Baosen. ST ILLUSTRATIONS: CEL GULAPA
In his application for Chen to be granted bail, Mr Low said his client is not a flight risk as he has strong roots in Singapore.
“My client has been living here for over four years and his family, comprising his girlfriend Wang Qiujiao and their three children, have been here for more than six years.
“Ms Wang, who is a Chinese national, is facing investigations by the CAD and has not been remanded. Why would she not up and go with her kids if the family does not have real roots here?” Mr Low added.

Chen’s family moved to Singapore in January 2017. He joined them about 30 months later, in September 2019.
In arguing that Chen is a flight risk, DPP Foo said the Chinese national has the means to relocate and acquire new passports as he has millions of dollars overseas in countries such as Cambodia, Thailand, Malaysia and China.
In his affidavit, investigation officer Poon said Chen claimed that he had obtained Cambodian citizenship by investing around US$150,000 (S$202,000) in a construction project there.
Chen also said he secured Dominican citizenship by donating and investing US$50,000 and US$60,000, respectively, in the island nation.

DPP Foo said: “The accused was able to obtain passports through financial means alone. In the case of Dominica, he claims never to have entered the country before.
“Thus, there is every reason to believe that the accused has the means to procure a new passport through similar methods.”
The prosecution added that Chen faces serious charges in Singapore and there are reasonable grounds to believe that he is guilty.
DPP Foo said: “The accused claimed that Hicloud, which he calls his chief business venture in Singapore, is the source of assets in one of his charges involving more than $6 million.
“CAD’s calculations indicate that his salary accounts for less than 2 per cent of said funds.”
Chen’s lawyer and the DPP also sparred over whether there is a risk of witness tampering or collusion with other suspects if Chen were to be released on bail.
Mr Low said Chen has not been shown to be linked to the other nine foreign nationals rounded up by the police on Aug 15 in the probe.
He added that the authorities have allowed Ms Wang, Chen’s girlfriend, to visit him in prison. “This clearly demonstrates that the authorities do not fear any collusion between my client and Ms Wang,” he said.

DPP Foo countered by saying that the risk remains as investigations are ongoing and further statements from both parties may be required in areas not previously covered.
In denying Chen bail, District Judge Brenda Tan said there is basis to believe Chen is a flight risk.
“The accused faces serious charges involving large sums of money that may result in a long custodial term. This gives him the incentive to flee and relocate with his family if he is offered bail,” she added.

 

[LITTLEREDDOT]

Jail for 2 nominee directors whose shell companies laundered almost $20m in scam profits​

Christine Tan

Nov 30, 2023

SINGAPORE - Two Singaporean men who were nominee directors of shell companies here were sentenced to jail after their firms inadvertently helped scammers launder almost $20 million.
These sums were mainly from foreign and local companies who were victims of scams, including business e-mail compromise and impersonation scams.
On Nov 30, Bernard Chng Kok Leng and Tay Chee Seng, both 49, were sentenced to six and four weeks’ jail respectively.
Chng had pleaded guilty to five charges of failing to exercise reasonable diligence in his duty as director, while Tay admitted to three of the same offences. Both had similar charges taken into consideration for sentencing.
They were also disqualified from being a company director for five years.
Both of them had contacted corporate secretarial firm Interconnect Consultancy in mid-2020, after seeing job advertisements for nominee directors online.
Deputy Public Prosecutor Janice See said Tay was working odd jobs and earning between $1,000 to $1,600 a month at the time. He needed money to supplement expenses due to the lack of jobs during the Covid-19 pandemic.

Both men went to Interconnect Consultancy’s office to speak to its director Lee Chia Yen. They voiced concerns that the companies might be used for money laundering.
But Lee and his colleague, one Lee Ay Ling, assured them the firm would do all the necessary checks, and they had nothing to worry about.
Lee told the two men that they would receive $250 in director’s fees every six months. He even told Tay he could be a director of a new company every day, which would work out to a monthly “income” of $7,500.

Chng was subsequently appointed nominee director of 52 shell companies, while Tay became nominee director of 57 shell companies.
They only had to give their details to Interconnect Consultancy, and did not oversee any affairs of the companies, including their bank transactions.
Accounts opened for some of these shell companies in which the two men were directors received over US$14.6 million (SG$19.4 million) in scam proceeds.
In September 2020, Belgium company Grib Diamond NV transferred US$10 million to a UOB account of one of Chng’s firms, “Hang Yi”.
It had done so after receiving fraudulent e-mails from their purported “Chief Executive Officer” with instructions to transfer money to Hang Yi.
Within days, the entire sum was remitted to various bank accounts in Hong Kong, China and Singapore. It remains unrecovered to this day.
A UOB account of one of Tay’s shell firms, “Liang Zuo”, received US$500,000 from Pactera Edge Technologies Singapore in August 2020.
The company had received fraudulent instructions via e-mail from someone impersonating their director, who instructed the transfer.
Police managed to seize the full amount in Liang Zuo’s bank account.
DPP See said the two men were aware of the risks of acting as a nominee director, but they washed their hands clean of the company’s affairs and were content to remain in ignorance despite their original doubts.
In court, Chng said he received up to $7,500, while Tay said he received $14,250 for their roles as nominee directors.
Chng said in mitigation that he was “duped” into the job, but knew he had no excuse for not exercising due diligence.
District Judge Wong Li Tein responded by saying Chng had chosen to rely on unreliable information.
The judge added the recklessness of both men warranted jail terms.
Chng and Tay are part of 12 people who had inadvertently helped scammers launder more than US$36 million through Singapore bank accounts.
Police said in a previous news release that between July 2020 and February 2021, foreign agents incorporated 35 local companies and opened bank accounts here to launder these criminal proceeds.
The 12 individuals had allegedly acted as resident directors of these companies, or abetted the directors’ offences.
Lee Chia Yen and Lee Ay Ling have been charged in court. Their cases are pending.
On Sept 25, Chinese national and permanent resident Liang Jiansen, was fined $9,000 and disqualified from being a company director for four years. Companies where he had been director had laundered US$3.4 million.
A jobless Singaporean, Er Beng Hwa, who was nominee director of 186 companies, was fined $4,000 and disqualified from being a company director for three years on Sept 27. One of his firms had been used to launder US$2.36 million.

 

[blackmondy]

These fucking banks are complicit with the scammers. My relative was scammed and the fucking bank teller tells her they cannot reveal the identity of the scammer because of privacy concern.

 

[LITTLEREDDOT]

OCBC sues suspect in Singapore’s biggest money laundering case for $19.7 million​

OCBC Bank has filed a claim against Su Baolin and a court order to seize a mortgaged bungalow under construction in Sentosa Cove. PHOTOS: CHINA POLICE, JASON QUAH

DEC 1, 2023

SINGAPORE – OCBC Bank has sued a suspect involved in Singapore’s biggest money laundering case, marking the first known attempt of a lender here taking action to recover losses related to the case.
South-east Asia’s second-largest bank filed a claim in November against Su Baolin, a Cambodian passport holder, seeking about $19.7 million, mostly from a residential mortgage, according to legal documents seen by Bloomberg. The hearing date was set for Dec 1.
Su is among the 10 Chinese-born individuals arrested in Singapore in August for offences including money laundering and forgery.
He is facing two charges so far, both on forgery.
OCBC applied for a court order to seize a mortgaged bungalow under construction in Sentosa Cove.
Su has also been ordered to repay $19.5 million in a housing loan, plus interest, and some $220,570 in credit card debt, according to the suit.
The lender declined to comment on the lawsuit. An affidavit showed two failed attempts to deliver the suit to Su as no one answered the intercom at his mailing address.

The Business Times reported in November that Su had submitted plans to build a two-storey detached house with a swimming pool in Sentosa Cove, before his arrest in August.
He had purchased the property in March 2021 for slightly more than $39.33 million from tycoon Lim Chin Huat.
Located on a 1,816.3 sq m plot of land in Ocean Drive, the site offers unblocked sea views and faces Marina Bay Sands.
Su has been held in remand since his arrest on Aug 15.
The Singapore police have seized about $99 million of assets in properties, cash, bank accounts and cryptocurrencies in the names of Su and his wife.
More than $2.8 billion of assets have been frozen or seized by the police since the islandwide raid in August, including more than 150 properties linked to the 10 individuals arrested.
The ongoing scandal sent shockwaves across Singapore, a global financial hub dubbed “Switzerland of the East”, given its attraction among the wealthy. BLOOMBERG

 

[True Believer]

Detecting money laundering like looking for ‘one needle in several haystacks’: Josephine Teo​

This Minister is paid more than $1 million a year, but continues to underperform and give flimsy excuses for her incompetency. Has she ever thought of using a metal detector to go through these haystacks to detect the "needle" in money laundering?

 

[blackmondy]

This lanjiao-bin is definitely a 白手套.

 

[LITTLEREDDOT]

Money laundering suspect Su Baolin allegedly made millions from illegal gambling sites in Myanmar​

The CAD said Su Baolin helped run illegal gambling sites between 2019 and 2023 and purportedly received his earnings in the form of cryptocurrency.

Wong Shiying

DEC 15, 2023

SINGAPORE – Money laundering suspect Su Baolin was allegedly involved in operating illegal gambling websites based in Myanmar, with the police saying he made $5 million to $6 million from these sites between 2020 and 2022.
Commercial Affairs Department (CAD) officer Louis Tey Jijie said in an affidavit that Su helped run these sites between 2019 and 2023, and purportedly received his earnings in the form of cryptocurrency.
These sites targeted users in Brazil and China.
This is the first time links have been drawn between gambling sites based in Myanmar and one of the 10 foreigners arrested on Aug 15 in an anti-money laundering probe which saw the police seize $2.8 billion in cash and assets.
The claims were made in court on Dec 15 at Su’s second attempt to be granted bail.
His first application was denied on Sept 6.
Su faces two charges – one for allegedly using a forged document to show he was the executive director of an import-export company, and a second in which he is said to have conspired with former Citibank employee Wang Qiming to make a false document with the intention to cheat Standard Chartered Bank.

The affidavit also revealed that Wang Qiming was investigated by CAD for the forgery-related offences from October 2021, and subsequently arrested. He has been on bail since Nov 16, 2021.
The Government had in October 2023 revealed that money laundering investigations started in 2021, after the authorities became aware of the use of suspected forged documents to substantiate sources of funds in bank accounts in Singapore.
Su was called in to give a statement in relation to the forgery claims in 2021. Mr Tey said that despite the scrutiny, Su allegedly continued to be involved in illicit activities.

In arguing against granting him bail, Mr Tey said the accused is a flight risk as he allegedly holds undisclosed assets abroad and has the means to abscond if released on bail.
The CAD officer said that from early 2023, Su had been directing an individual, “Person A”, allegedly based in Dubai, to transfer cryptocurrency worth more than $5 million into various wallets, some of which were provided by “Person B” – one of Su’s associates.

The associate is said to have then assisted Su to convert the cryptocurrency to physical fiat, a government currency, or make payments via bank transfers on Su’s behalf for his expenses, Mr Tey added.
The CAD officer said: “Within this year, Person B assisted Su to convert approximately $4.7 million worth of cryptocurrency to physical fiat or to make payments on the accused’s behalf in Singapore.”
He added that it demonstrates Su allegedly has means to bring monies from suspicious sources into Singapore.
“His lack of candour on this gives rise to a strong suspicion that there are more instances of such fund movements,” added the investigator.
Mr Tey also pointed out that in Su’s submissions to the court, the accused referred to his condominium in Xiamen, worth $2.1 million, as “pittance to sustain him and his family in the long run”.
“The fact that the accused would refer to $2.1 million as mere ‘pittance’ adds to my belief that he continues to hold undisclosed assets abroad,” said the CAD officer.

During the hearing on Dec 15, Deputy Public Prosecutor Ng Jean Ting told the court the police are considering more charges against Su for money laundering, forgery and falsification of accounts.
The DPP said, citing Mr Tey’s affidavit, that the police have uncovered more instances of forged documents being submitted to banks by Su to explain his sources of wealth.
She added: “The police are looking into the financial statements of one of Su’s companies, Xinbao Investment Holdings, and found that its financial statements and income tax returns are likely falsified to give the impression that the company is profitable.”
In arguing for Su to be released on bail, defence lawyer Sunil Sudheesan said Changi Prison is not able to meet his client’s medical needs.
He said that no gastroscopy has been done for his client more than three months since Su was found to be at high risk of gastric cancer.
Mr Sudheesan said: “A medical report (on Su’s cancer risk) was given to the prosecution on Aug 23. Since then, all the follow-up given to my client is a five-minute appointment with a Changi General Hospital (CGH) gastroenterologist on Dec 11.
“If it were any one of our relatives, we would have been insistent on an early gastroscopy. I am not mincing my words when I say that SPS (Singapore Prison Service) is gambling with the accused person’s life.”
The defence lawyer added that his client, who has congenital heart disease, was not given oxygen therapy on Oct 10 even though his oxygen saturation level fell to 84 per cent.

In response, DPP Ng said that while Su is at risk of gastric cancer, he does not currently suffer from an advanced stage of the disease.
She said: “There is no affidavit from the accused or his doctors to show the immediate need for a gastroscopy.
“Su has been seen by a specialist in CGH, and there is nothing to suggest that the doctor was negligent or flippant in his review of the accused.”
As for the allegations on oxygen therapy, DPP Ng cited an affidavit by SPS chief medical officer Noorul Fatha As’art which states that Su’s oxygen saturation level was recorded at 86 per cent on Oct 9 and Oct 10.
“The need for oxygen therapy did not arise as the accused’s oxygen saturation did not fall below 85 per cent,” the DPP said.
DPP Ng added that Su is being housed in a medical centre, where his vital signs are monitored regularly and he has access to a bedside call bell.

The defence argued that the prosecution had overstated the seriousness of Su’s alleged offences, as the CAD’s investigations since 2021 found “only around $4.7 million (out of the $90 million seized from Su and his wife) allegedly came from an illegal source”.
DPP Ng responded, saying that the CAD is continuing to investigate the seized assets.
As for why former Citibank employee Wang Qiming, who is mentioned in one of Su’s charges, was granted bail, the prosecution said Wang does not appear to have substantial assets at his disposal or affluent foreign connections who may help him abscond.
At the end of the hearing, District Judge Brenda Tan denied Su bail.
She said the accused is a serious flight risk, and there is a risk of collusion between Su Baolin and Su Haijin, another suspect in the money laundering case.
The judge added that she is satisfied the SPS is able to manage Su’s medical conditions safely, and that his conditions are not “exceptional” so as to justify granting bail.

 

[LITTLEREDDOT]

Family offices in Singapore to face tougher screening measures​

The enhanced measures will largely be taking effect in December, according to the MAS. ST PHOTO: ONG WEE JIN

Lee Su Shyan
Associate Editor & Senior Columnist

DEC 20, 2023

SINGAPORE - Wealthy families interested in setting up single family offices (SFOs) in Singapore and want to tap tax incentives offered by the Monetary Authority of Singapore (MAS) will be facing enhanced checks by the regulator almost immediately.
According to Ms Gillian Tan, MAS’ assistant managing director (development and international), the regulator will strengthen the due diligence checks conducted at the point of application, and will swiftly withdraw tax incentives should subsequent monitoring and events detect adverse activities.
These enhanced measures will largely be taking effect in December, and family office applicants and industry players are being informed, where applicable, according to the MAS.
MAS is refining the terms and conditions of the tax incentive scheme to guard against illicit actors by being able to quickly suspend or withdraw tax incentives where individuals or entities are investigated, whether in Singapore or elsewhere, for money laundering and terrorism financing offences.
In October, Minister of State for Trade and Industry Alvin Tan had said the regulator was reviewing its internal incentive administration processes for SFOs, and would tighten them where necessary. One reason was that one or more of the accused in a recent money laundering case may have been linked to SFOs that had been awarded tax incentives by the MAS.
One main change is the scope of due diligence checks being widened to a larger group of individuals and entities associated with the SFOs applying for the MAS tax incentives.
It is understood that these checks could include individuals and entities that may have contributed or seeded the creation of wealth, such as immediate family members and the family business.

These checks could also take place when there is a change in key people, including shareholders, directors or employees.
MAS said there will also be a panel of specialised firms to screen these individuals and entities for money laundering and terrorism financing risks, and their findings will be provided to MAS.
More details on the panel will be released in the next few months.

If the screening throws up an adverse news report about the applicant, for example, additional documentary validation may then be required. This could mean that applicants need to furnish a statutory declaration and, where applicable, a certificate of non-criminality from the country from which the adverse news had originated. Any false declaration or provision of information, if found to be false subsequently, may result in penalties.
Family offices are private wealth management advisory firms set up by wealthy families to oversee the day-to-day administration and management of assets and investments with the goal of preserving wealth and transferring it to the next generation. An SFO manages assets on behalf of one family.
There has been a rise in the number of SFOs as more families choose Singapore as a base. At the end of 2022, there were 1,100 that had received tax incentives, up from 700 in 2021. In 2021, these had assets under management of $90 billion.
Tax incentives were introduced to spur the growth of the asset and wealth management industry by providing a conducive tax environment for Singapore-based fund management companies, including family offices, to grow assets under management here.
These include exemption from Singapore income tax on specified income derived from certain designated investments such as stocks and shares of qualifying companies, and qualifying classes of debt securities.
To enjoy such incentives, the family offices have to satisfy various criteria such as having assets of $20 million or more, incur a certain level of business spending annually as well as employ a minimum number of investment professionals.

The criteria have been tweaked along the way to encourage further support for Singapore’s economy; for instance, since April 2022, each SFO is required to invest the lower of 10 per cent or $10 million of its assets in specified investments such as locally listed equities, qualifying debt securities, specified funds and private equity.
In July 2023, MAS refined the tax incentive scheme to encourage more purposeful deployment of capital towards local enterprises, climate financing and philanthropic activities.
Not all family offices choose to apply for tax incentives. There are family offices which tap the Global Investor Programme run by the Singapore Economic Development Board. They do not enjoy any tax incentives, but the programme provides a path to residency.
International law firm Withers KhattarWong partner Stacy Choong said of the enhanced measures: “It is very important that Singapore has a robust regime to deter and, as far as possible, detect rogue applicants. If the reputation and integrity of Singapore’s financial system is tarnished, good and reputable families would hesitate to set up their family offices in Singapore.”
Already, family office applicants who establish a private bank account in Singapore will face know your customer (KYC) and anti-money laundering (AML) checks. They have to provide background information about the family, the source of wealth, the structure, directors and beneficiaries. A self-declaration is required by the applicants with regard to their KYC and AML being in the clear.
Mr Anuj Kagalwala, PwC Singapore’s partner specialising in family office and private wealth tax, said the additional documentation should be embraced as a necessary step in upholding the integrity of the system.
He said that “establishing a family office and selecting its location constitutes one of the most substantial financial decisions a family will make, with long-term implications for multiple generations. Legitimate families intending to set up family offices in Singapore are unlikely to be deterred by additional background checks and documentation”.
MAS’ Ms Tan said Singapore recognises “the ability and potential for wealth managed by SFOs to support broader societal causes, as wealth owners are keen to deploy their wealth purposefully and be a force for good. However, we take a strict stance against illicit players who seek to enter our financial system and abuse our tax incentive schemes. The latest measures are aimed at excluding such illicit actors”.

 

[k1976]

Lawyer for money laundering accused claims Changi prison cannot meet client’s medical needs​

The lawyer proposed for Su Baolin to be placed under 24-hour surveillance at his client’s own cost if bail is granted.

Wong Shiying

NOV 16, 2023

SINGAPORE – A bail review hearing for Su Baolin, an accused in the $2.8 billion money laundering probe, has been postponed to allow the prosecution to check his lawyer’s claims that Changi Prison is not able to meet his medical needs.
Deputy Public Prosecutor R. Arvindren, who applied to adjourn the session, said lawyers for the Cambodian national submitted arguments only on Wednesday morning, just hours before his court hearing at 2.30pm.
Su, 42, faces two charges – one for allegedly using a forged document to show he was the executive director of an import-export company, and a second where he is said to have conspired with former Citibank employee Wang Qiming to make a false document with the intention to cheat Standard Chartered Bank.
During the hearing, the DPP summarised the defence’s arguments for bail to be granted, namely that Su suffers from a serious congenital heart condition; he is at a high risk of gastric cancer; the travelling time to the nearest hospital is shorter from his home compared to prison; and Changi Prison Complex Medical Centre (CMC) cannot meet his medical needs.
DPP Arvindren said: “In the defence’s words, the CMC needlessly gambles with the accused’s life. This is a serious allegation that the prosecution will need to check with the Singapore Prison Service (SPS) before responding.”
In response to District Judge Brenda Tan’s query on why the defence submitted arguments only on the morning of the hearing, Su’s lawyer Sunil Sudheesan said his team was in communication with the accused’s doctor and received a few responses on Tuesday.
Urging the judge not to grant an adjournment, Mr Sudheesan said he made clear six weeks ago that the defence would be asking for Su to be released on bail. He added that the prosecution had time to prepare any affidavits necessary.

“It is extremely unfair for the prosecution to ask for more time, given that the accused had been called up for investigations since mid-2021, and the other accused person mentioned in his charge, Wang Qiming, who is also a foreign national, is out on bail,” said Mr Sudheesan, who is from Quahe Woo & Palmer.
The lawyer said Su’s home is a short drive from Gleneagles Hospital, which is in Napier Road. Su was renting a good class bungalow in Nassim Road, which is close to the hospital, when he was arrested on Aug 15.
Nine other foreigners were also arrested that day in the money laundering probe.

Mr Sudheesan proposed for Su to be placed under 24-hour surveillance by Cisco or Aetos officers at his client’s own cost if bail is granted.
The lawyer also suggested having independent Fujian and Mandarin interpreters accompany the security personnel, so that the authorities are alerted immediately if Su concocts a plan to leave Singapore, or colludes with any of the parties involved in the case.
“The court’s main concern is managing the accused’s flight risk and making sure he attends court... The proposed bail conditions would destroy any sort of flight risk,” said Mr Sudheesan.
Judge Tan did not grant Su bail in September, saying there was a real and high flight risk given that the accused owns a condominium in China and has the means to relocate.
She also accepted the prosecution’s arguments then that there was a risk of collusion as Su had refused to divulge the true extent of his relationship with Su Haijin, another suspect in the money laundering case.

Yeah, need to be at Mt E minimum de woh

 

[LITTLEREDDOT]

Businessman linked to money laundering accused left S’pore abruptly in September​

Six of Su Binghai's companies are registered to his home address in Singapore, a rental good class bungalow in Jalan Asuhan. PHOTOS: NG SOR LUAN, THE PEAK
Andrew Wong and Nadine Chua

DEC 22, 2023

SINGAPORE – A wealthy businessman linked to a foreigner arrested here in an anti-money laundering probe left Singapore abruptly amid the dragnet, with checks showing that two of the businessman’s associates are also no longer in the country.
Mr Su Binghai holds Cambodian citizenship, and has passports from Vanuatu, a South Pacific Ocean nation, and St Kitts and Nevis in the Caribbean. China does not recognise dual citizenship.
In Singapore, he is listed as director and shareholder in six businesses, and is also a shareholder in two firms.
Six of his companies are registered to his home address in Singapore – a rental good class bungalow (GCB) in Jalan Asuhan, off Adam Road.
He also owns properties overseas, including in Hong Kong.
The Straits Times understands that Mr Su Binghai, who is a significant shareholder in a firm in Singapore, New Future Holdings, is a person of interest to the police.
ST, working with the Organised Crime and Corruption Reporting Project (OCCRP), an international non-governmental organisation involved in investigative reporting, has found records showing that an individual named Su Binghai had business dealings both here and in Hong Kong with Cypriot national Wang Dehai.

Wang is a wanted man in China over his alleged links to an online gambling syndicate. He is originally from China.
He was among nine men and one woman arrested on Aug 15 by the Commercial Affairs Department.
Wang is currently facing two money laundering charges here under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

According to charge sheets, the 34-year-old had allegedly used proceeds from the illegal online gambling service – which was based in the Philippines and targeted customers in China – to buy a condominium unit at The Marq on Paterson Hill for $23 million in November 2019.
ST and OCCRP found links, via business record searches in Hong Kong and Singapore, connecting Mr Su Binghai – who is said to have left Singapore in September with his wife – to Wang.
According to Hong Kong’s business registry, the two men co-founded Yuen Zheng Holding in June 2018, when Wang was already a wanted man.
His warrant of arrest was posted by the Chinese authorities on social media platform Weibo in February 2018.
Yuen Zheng Holding was dissolved in 2021.
Wang is a member of Sentosa Golf Club under a corporate account, which means he was nominated by a company.
That company is New Future Holdings, the same firm where Mr Su Binghai is a shareholder.

Su Binghai​

ST visited the home Mr Su Binghai rented, which sits on about 19,000 sq ft of land in Jalan Asuhan, on Nov 29, Dec 13 and Dec 19.
Three luxury vehicles parked in the driveway looked like they had not been moved.
A woman, who identified herself as one of his two helpers, said Mr Su Binghai and his wife did not say where they were going and when they would return.
The domestic worker said that after her boss left, his relatives paid her wages in advance. Her contract ends sometime in 2024.
She added that more than 10 police officers had turned up at the house in September, after the couple left the country.
Mr Su Binghai was active in the charity scene in Singapore.
He donated to the Singapore Disability Sports Council’s charity golf event in 2022, and was also listed as a donor in the Community Chest’s 2023 awards.
Hong Kong Jockey Club records showed that he is a registered member of at least three horse-racing groups on the island.
In Britain, Mr Su Binghai is listed as the sole director of two active firms – Su Empire and Su Group. Both were incorporated in March 2023 as holding firms.
Checks showed that in August 2023, Mr Su Binghai shared the business address in Britain with one Wang Liyun, who had a real estate firm, Lijiang UK.
Ms Wang Liyun was one of 24 associates named by the Singapore Ministry of Law (MinLaw) in a list sent to dealers of precious metals and stones, to flag suspicious transactions that may involve money laundering.
She is married to Wang Bingang, who made millions as the founder of the Hongli gambling syndicate in China. He was found guilty there in 2015 of being involved in a criminal organisation.
Wang Bingang’s cousin, Wang Baosen, one of the 10 individuals arrested on Aug 15, is currently facing two money laundering charges here relating to monies from illegal remote gambling.
ST had previously reported that Ms Wang Liyun and Wang Bingang, who were renting a GCB in Rochalie Drive in Tanglin, had left Singapore amid the money laundering probe.

Ms Wang Liyun and Wang Bingang left Singapore amid the money laundering probe. PHOTOS: ST READER

Su Fuxiang​

Two associates of Mr Su Binghai – Mr Su Fuxiang and Mr Su Bingwang – are also understood to be persons of interest to the police in Singapore. They have not been seen here since September.
Mr Su Fuxiang and Mr Su Binghai are shareholders of New Future Holdings, the same firm that nominated Wang Dehai for his Sentosa Golf Club membership.
The company is linked to Hong Kong-based private equity firm New Future International, where all three men are listed as directors, according to corporate filings in Hong Kong in 2023.
Similar to New Future Holdings in Singapore, the Hong Kong branch has various subsidiaries, including New Future Assets Management and New Future Capital.
In Hong Kong, New Future International shared an address used by Yuen Zheng Holding.
The three men also shared the same residential address in Fat Kwong Street, Ho Man Tin in Kowloon, according to business records.
Meanwhile, Wang Dehai’s registered Kowloon address, as seen in Hong Kong business registry documents, is in the same mega project where Mr Su Fuxiang reportedly paid US$20 million (S$26.5 million) for several apartments.
ST visited New Future Holdings in Singapore on Dec 1, and again on Dec 13, where an employee confirmed that both Mr Su Binghai and Mr Su Fuxiang are working for the company.
Business records in Singapore show that they hold significant shares in the firm.
The employee said the duo would typically turn up at the office, but both have not been seen since September.
She said staff there are not expecting either to show up again. She also denied that the firm has any links to Hong Kong.

New Future Holdings is linked to Hong Kong-based private equity firm New Future International. PHOTO: ANDREW WONG
Speaking to ST, she said: “We are a gaming company. We make apps for games like Mobile Legends. There’s no link to New Future International.”
According to media reports earlier this year, a foreigner named Su Fuxiang bought a row of six shophouses here for $80 million through a Singapore-incorporated firm.
Like Mr Su Binghai, Mr Su Fuxiang was active in the charity and social scenes. He helped sponsor the Orchestra of the Music Makers’ (OMM) 100th concert, which was held at the Esplanade in May 2023.
A spokesman for OMM told ST that Mr Su Fuxiang donated $80,000 in total to the volunteer-run charity between 2018 and 2023.
The orchestra’s online brochure, which previously featured Mr Su Fuxiang’s comments, has since been removed.
The spokesman said Mr Su Fuxiang had contacted the organisation in early 2023 through a board director who was networking for new donors.
OMM said its due diligence processes showed that Mr Su Fuxiang had a background in business, and was involved with a family office here. Its checks showed that he had previously donated to other charities in Singapore.
Mr Su Fuxiang and Mr Su Binghai were listed as donors for Shine Children and Youth Services from 2021 to 2023.
The OMM spokesman said: “He (Su Fuxiang) said he was keen to set up a foundation to increase his contributions to the community after settling down with his family in Singapore for more than three years.”
OMM said following ST’s checks, the charity started the process of filing a precautionary suspicious transaction report with the authorities in Singapore.

Mr Su Fuxiang is listed as a member of Sentosa Golf Club. He joined it at the same time as Zhang Ruijin, Lin Baoying, Su Baolin, Mr Su Yongcan and Mr Su Zigen.
Zhang Ruijin, Lin Baoying and Su Baolin are among the 10 arrested in the money laundering operation.
Mr Su Yongcan was identified as Wang Dehai’s brother-in-law in court. He was among the 24 associates of the accused flagged by MinLaw for suspicious transactions.
Mr Su Zigen was the director of Cambodian company Su Zigen Chengmei, where Su Haijin, one of the accused in the money laundering probe, was listed as chairman.

Su Bingwang​

Mr Su Bingwang, who has also not been seen since September, was renting a GCB in Rochalie Drive.
ST visited the address multiple times, most recently on Dec 19. Checks showed that the house has been emptied out.
A neighbour confirmed that a Su Bingwang lived there for about a year, and added that movers had turned up in September to remove items from the house.
The same GCB has been listed on multiple property sites for rental beginning in January 2024, for $45,000 a month.

Checks showed that the house Mr Su Bingwang was renting, a GCB at Rochalie Drive, has been emptied out. ST PHOTO: DESMOND WEE
Photos seen on Google Maps in May showed a furnished house with three luxury vehicles parked within the compound.
Mr Su Bingwang’s rented home is just two properties from where Wang Bingang and Ms Wang Liyun lived.
ST visited three businesses linked to Mr Su Bingwang – a restaurant and a shophouse, both located in Chinatown, and a holding company in Millenia Tower.
At The Vault Master, which is marketed as an upscale restaurant, an employee confirmed Mr Su Bingwang as a shareholder in the company, but said the Chinese national was not involved in daily operations.
At the shophouse where Heli Engineering & Construction is registered, ST found a unit with a locked door.
There was no signage or any hints of a business in the unit.
Holding company Yuan Succeed shares an address with an advisory firm, which describes itself as providing business and family advisory services to private clients who are predominantly high- and ultra-high-net-worth individuals or families.
Mr Su Bingwang had set up a firm called Yuan Succeed International in Hong Kong in 2017. The registered Hong Kong address for the company is tied to Yuen Lee International Company and Ti Yuen International.

Documents seen by ST list Wang Dehai as the only shareholder of the two Hong Kong firms.
Mr Su Bingwang is also a member of Sentosa Golf Club, which he joined in 2021.
All three men – Mr Su Bingwang, Mr Su Binghai and Mr Su Fuxiang – hold multiple passports, according to business registries in Britain, Singapore and Hong Kong.
Although originating from Anxi province in Fujian, China, they are also citizens of Cambodia and St Kitts and Nevis in the Caribbean. Mr Su Binghai also holds Vanuatu citizenship.
Official Cambodia citizenship gazettes show that Mr Su Binghai and Mr Su Fuxiang received their citizenship at the same time in the first quarter of 2019, and Mr Su Bingwang received his Cambodian citizenship at the same time as Wang Dehai’s cousin, Wang Huoqiang, in the fourth quarter of 2019.
Wang Huoqiang is one of 24 associates in the MinLaw list. He is also wanted in China as part of the same online gambling syndicate as Wang Dehai.
The operation in Singapore saw the authorities seize control of 152 properties and 62 vehicles, with an estimated value of more than $1.24 billion, money in bank accounts amounting to more than $1.45 billion, and more than $76 million in cash of various currencies.
Other items include thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 294 luxury bags, 164 branded watches and 546 pieces of jewellery.

 

[LITTLEREDDOT]

Companies remove directors and shareholders linked to $2.8b money laundering probe​

Su Baolin (top left) was removed as director and shareholder of SG Gree on Sept 26. Su Haijin was removed as a shareholder of the same firm on Sept 28. PHOTOS: WECHAT, ANDREW WONG
Andrew Wong and Nadine Chua

DEC 25, 2023

SINGAPORE - Companies that listed foreigners who were later linked to a $2.8 billion money laundering probe have removed the individuals from their list of directors and shareholders, a search of business records showed.
The firms are across sectors such as construction, IT and finance.
Cambodian national Su Baolin was removed as director and shareholder of air-conditioning company SG Gree on Sept 26. Cypriot national Su Haijin was removed as a shareholder of the same firm on Sept 28.
The two men were among 10 foreigners arrested on Aug 15 by the police in an islandwide anti-money laundering raid.
Su Baolin, 42, faces two charges – one for allegedly using a forged document to show he was the executive director of an import-export company, and a second where he is said to have conspired with a former Citibank employee to make a false document with the intention to cheat Standard Chartered Bank.
Su Haijin, 40, faces one charge for evading arrest, and another for possessing money from criminal offences.
The Straits Times on Nov 21 visited SG Gree, which shares the same premises as Jiaxing Holdings in an industrial building at 35 Tampines Street 92. Employees there said Su Haijin and Su Baolin had resigned from the firm.

SG Gree shares the same premises as Jiaxing Holdings in an industrial building at 35 Tampines Street 92. ST PHOTO: ARIFFIN JAMAR
Individuals linked to the nine men and one woman arrested in the probe have also been dropped from their director and shareholder roles.
Mr Su Zigen was removed from SG Gree on Sept 28, according to business records compiled by data tech company Handshakes.
He was previously listed as a shareholder of the firm.

Mr Su Zigen was also the director of Cambodian company Su Zigen Chengmei, where Su Haijin, one of the accused in the money laundering probe, was listed as chairman.
On Aug 27, the Ministry of Law sent a list to dealers of precious metals and stones to flag suspicious transactions that may involve money laundering.
They flagged the 10 accused, and 24 other individuals said to be their associates.
The 24 names included the wives of several of the accused individuals.
Su Haijin’s wife Wu Qin, who was listed as a director of vending machine company Hirohisa Vending, had her name removed on Oct 21. Business records showed she remains a shareholder of the firm.

When The Straits Times visited the firm’s premises in Jurong on Nov 27, the unit was littered with crates of canned drinks.
A neighbouring tenant said she saw workers moving some inventory out about two days before.
The signboard for Hirohisa Vending was no longer there, and the unit cleared, when ST checked again on Dec 13.
Su Haijin was previously involved with the firm, investing through Yihao Investment Holdings, where he is still listed as a shareholder.
He can be seen in photos posted on Hirohisa Vending’s social media pages that were taken at the company’s opening in November 2017.
Investment holding company Golden WHH previously listed Lin Baoying as a director and shareholder, and Wang Shuiming, or Vang Shuiming, as a shareholder.
They were dropped from their roles the day after their arrest.
Lin Baoying, a 44-year-old Chinese national, faces two charges of forging documents to sell a property in Macau and one charge of perverting the course of justice.
Turkish national Vang Shuiming, 43, was handed one charge of using a forged document and four money laundering charges.
The Golden WHH office in Somerset was empty when ST visited on Nov 27.

Investment holding company Golden WHH previously listed Lin Baoying as a director and shareholder, and Wang Shuiming, or Vang Shuiming, as a shareholder. ST PHOTO: JASON QUAH
A neighbouring company said Golden WHH had moved in only around November. A worker in that firm said she had not seen anyone turn up for a week.
Meanwhile, Cambodian national Chen Qingyuan was on Oct 12 removed as a director of Pinkee – a company that sells toys through live streaming on social media.
Chen, 33, faces four charges relating to possessing cash, bank accounts, cars and cryptocurrency worth more than $8 million said to represent benefits from criminal conduct.
Employees at the firm, which is located in Ubi, said they had never seen Chen in the office, adding that he was not involved in daily operations.
King Shine Capital, where Wang Qiujiao is the sole director, remains a shareholder in Pinkee. Wang was among the 24 individuals MinLaw named in its suspicious transactions list.
King Shine Capital is registered as a holding company in Singapore.
Affidavits from the Commercial Affairs Department produced in court showed that Wang is Chen’s girlfriend.
Her registered address is a condominium unit at New Futura, near Grange Road. According to The Business Times, Chen bought a unit at the development in 2018 for $10.2 million.
Chen, who was also a director of HiCloud Technology, a cloud solution and service company located in Ubi, was terminated the day after his arrest.
An employee at the firm said the move was in response to Chen’s arrest and subsequent court charge related to money laundering.

Separately, Wang Liyun was removed as a shareholder of The Clover Bridal House and The Clover Photo on Oct 4.
She is married to Wang Bingang, who was revealed in court to be the cousin of Wang Dehai, one of the 10 accused.
In 2012, Wang Bingang set up a gambling site called Hongli International and targeted gamblers all over China, where online gambling is illegal.
He was arrested in February 2015 for his role in running the illegal site and was handed a three-year jail term.
ST had previously reported that Wang Liyun and Wang Bingang left Singapore abruptly amid the probe.
Wang Dehai faces two charges under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act.
He had allegedly used proceeds from an illegal online gambling service – which was based in the Philippines and targeted customers in China – to buy a unit in The Marq on Paterson Hill for $23 million in 2019.
He is accused in Singapore of possessing $2.3 million from illegal remote gambling offences.

 

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8 new charges for money laundering accused who allegedly funded three properties in Scotts Road​

Su Baolin now faces 10 charges in total.

Samuel Devaraj

Jan 19, 2024

SINGAPORE - Su Baolin, one of the 10 accused in the $2.8 billion money laundering case, was handed eight more charges on Jan 19.
Su, 42, who was originally from China, holds a Cambodian passport and now faces 10 charges in total.
One of his latest charges alleges that on or around Dec 24, 2020, he used $657,980 – his alleged benefits of criminal conduct – to fund the purchase of three properties at Scotts Square, in Scotts Road, in the name of his wife Ma Ning.
Three cheques were issued, each worth over $1.8 million.
The money he provided was allegedly derived from a conspiracy that he engaged in with a Wang Qiming, a former Citibank employee, to forge a document with the intent to cheat Standard Chartered Bank.
Three of his new charges are for making false representations, and involve Wang Junjie – a man who held multiple directorships, secretarial and shareholder positions in 185 firms.
The Accounting and Corporate Regulatory Authority (Acra) said on Jan 19 that Wang Junjie had his registration as a qualified individual (RQI) cancelled on Jan 18, as part of its investigations into the ongoing money laundering probe.

Acra said Wang Junjie is the RQI and director of registered filing agent (RFA) LW Business Consultancy (LWBC).
Acra said RQIs and RFAs provide corporate secretarial services for business entities, like helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under Acra’s purview.
RQIs and RFAs must perform customer due diligence measures and guard against breaches in anti-money laundering and countering the financing of terrorism (AML/CFT) controls.

Acra said the registrations of Wang Junjie and LWBC were cancelled in view of breaches of AML/CFT controls under the Acra (Filing Agents and Qualified Individuals) Regulations 2015.
According to court documents on Jan 19, Su had allegedly abetted Wang Junjie to fraudulently make false representations to the Inland Revenue Authority of Singapore regarding the true and accurate values of Xinbao Investment Holdings’ revenue, gross profits and trade receivables for the company’s financial years in 2019, 2020 and 2021.
Su and Wang Junjie were both directors at Xinbao Investment Holdings, where Wang Junjie was also secretary.
Three of Su’s latest charges were for refusing to sign statements.
He allegedly did not sign various statements he made when required to do so by a Commercial Affairs Department officer on Dec 14 and 21, 2023, and on Jan 4, 2024, in an interview room at the Changi Prison Complex Medical Centre.

During Su’s bail review hearing in November 2023, the court heard that he suffers from a serious congenital heart condition, and is at a high risk of gastric cancer.
Su’s other fresh charge is for using as true a false declaration in the purchase of a unit at Gramercy Park condominium, in Grange Road, off Orchard Boulevard.
On or around Nov 30, 2017, he allegedly made statements in a statutory declaration affirmed before a Commissioner of Oaths which he did not believe to be true.
These allegedly include that he was a director of a company known as Great Trillion Technology in Hong Kong and that he received dividends and director’s salary and fees from them totalling about $5.1 million since 2016.
He allegedly falsely declared he was a director and one of the shareholders of a company known as China Run Feng (Holdings) Investment in China, and that he received dividends, director’s fees and salary from it.
He purportedly stated that the company had invested in a firm in Indonesia, where his share of the returns was about $840,000.
Su had allegedly declared he borrowed from the other shareholders of China Run Feng (Holdings) Investment totalling $1.16 million and provided it to his conveyancing solicitor as declaration of his source of funds for the purchase of a unit at Gramercy Park.
Su, who remains in remand, is scheduled to have a pre-trial conference on Jan 24.

 

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Assets frozen in money laundering case exceed $3b; 55 more properties and 15 vehicles seized​

Warrants of arrest and Interpol Red Notices have been issued against two more suspects, Su Yongcan (left) and Wang Huoqiang. PHOTOS: SINGAPORE POLICE FORCE

Nadine Chua

Jan 19, 2024

SINGAPORE - The assets seized in Singapore’s largest money laundering case that saw 10 foreigners arrested are now worth more than $3 billion.
The police said on Jan 19 that they have issued prohibition of disposal orders on another 55 properties and 15 vehicles.
An additional 189 luxury bags, 34 pieces of jewellery and five luxury watches were also seized.
This now brings the assets confiscated by the authorities to 207 properties, 77 vehicles, money in bank accounts amounting to more than $1.45 billion, and cash of various currencies worth more than $76 million.
Thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery were also seized in total.
Separately, warrants of arrest and Interpol Red Notices have been issued against two more suspects.
A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.

They are Cambodian nationals Su Yongcan, 33, and Wang Huoqiang, 29.
Prosecutors said in October 2023 that Su Yongcan is the brother-in-law of Wang Dehai, one of the 10 accused.
In arguing against bail for Wang Dehai in October, 2023, the prosecutor said Su Yongcan and Wang Huoqiang - who is Wang Dehai’s cousin - were accomplices who might help him abscond.

The Straits Times reported on Aug 21 that Su Yongcan and Wang Huoqiang were said to be on the run from the Chinese authorities over illegal gambling activities in 2018.
On Jan 19, the police said Su Yongcan, who previously held a passport issued by the People’s Republic of China (PRC), had more than $16 million in cash and other foreign currencies seized from him. The police also froze his bank accounts with a total balance of more than $145 million.
Prohibition of disposal orders for seven properties and 10 vehicles were also issued in relation to Su Yongcan.
In relation to Wang Huoqiang, who previously held a passport issued by the PRC, the police seized about $188,000 in cash and other foreign currencies. A prohibition of disposal order was issued for one vehicle.
His bank accounts with a total balance of more than $5 million were also frozen.
Those with information on Su Yongcan or Wang Huoqiang’s whereabouts should call the police hotline at 1800-255-0000.

On Aug 15, 2023, the police conducted a massive islandwide blitz led by the Commercial Affairs Department that involved more than 400 officers.
Nine men and one woman were arrested and charged the next day with various offences including money laundering, forgery and resisting arrest.
Second Minister for Home Affairs Josephine Teo had said in a ministerial statement in October 2023 that the raid here was one of the largest anti-money laundering operations in the world.
In 2021, the authorities picked up several signals, including the use of suspected forged documents to support sources of funds in bank accounts here.
Some suspicious transaction reports (STRs) were filed by financial institutions and other companies, and the police investigated these alerts.
In early 2022, the police launched an extensive intelligence probe that uncovered a web of people believed to be connected to one another, with some of them associated by familial ties.
The police quietly probed further to avoid alerting the suspects, and a decision was made to hold off any enforcement or overt investigative actions.
This was done so the police could develop as full a picture as possible of the suspects and their associates, their suspected criminal activities and their assets, before moving against them.
The 10 accused - Chen Qingyuan, 33, Lin Baoying, 44, Su Baolin, 42, Su Haijin, 40, Su Jianfeng, 35, Su Wenqiang, 31, Vang Shuiming, 43, Wang Baosen, 31, Wang Dehai, 34, and Zhang Ruijin, 45, - have all been denied bail.