Singapore billion dollar money laundering case
| Date | 15 August 2023 (raids) |
|---|---|
| Location | Singapore |
| Type | Money laundering scheme |
| Accused | 10 |
| Convicted | 10 |
On 15 August 2023, the Singapore Police Force conducted an operation against money laundering.[1] It is the biggest money laundering case in Singapore, and among the biggest in the world,[2] involving assets worth 3 billion Singapore dollars.[3][4]
It led to at least ten foreigners being charged for money laundering related crimes.[1] They are Chinese from Fujian who are holders of various non-Chinese passports.[3][5]
The raids conducted in August 2023 seized several luxury items and has been linked to unlicensed money lending in China, scams, and remote online gambling operations in the Philippines.[6]
Authorities were first alerted to the scheme as early as 2021.[2]
Sentencing[edit]
On 2 April 2024, 32-year-old Su Wenqiang, the first accused, was sentenced to 13 months’ jail after he pleaded guilty to two money laundering charges.[7] Two days after his sentencing, the ICA confirmed that Su would be deported after his release from prison and also banned from re-entering Singapore.[8]
On 4 April 2024, 41-year-old Su Haijin was the second person to be convicted and sentenced. He was given 14 months’ jail for one charge of resisting arrest and two money laundering charges.[9]
On 16 April 2024, 32-year-old Wang Baosen pleaded guilty to two charges of money laundering, and he also offered to forfeit his assets worth around $8 million to the state. Wang was ordered to serve 13 months in prison for the charges he was convicted of.[10]
On 29 April 2024, 42-year-old Su Baolin was sentenced to 14 months’ imprisonment after pleading guilty to one count of falsifying his representations to the Inland Revenue Authority of Singapore (Iras) and two counts of money laundering. Su had additionally forfeited about $65 million, or 90% of his assets, to the state.[11]
On 30 April 2024, 45-year-old Zhang Ruijin, who pleaded guilty to one money laundering charge and two forgery charges, received a jail term of 15 months. He also forfeited about S$118 million worth of his assets to the state.[12]
On 6 May 2024, both Wang Baosen and Su Wenqiang were released from prison on parole for good behaviour, and deported from Singapore.[13] The two men were deported to Cambodia given that they carried Cambodian passports, but Su faced the possibility of deportation to China, where he was on the wanted list since 2017 for illegal online gambling.[14]
On 14 May 2024, 43-year-old Vang Shuiming pleaded guilty to two counts of money laundering and one count of submitting a forged document to a bank, and sentenced to 13 months and six weeks’ jail.[15]
On 23 May 2024, 34-year-old Chen Qingyuan was given a 15-month jail term for one count of forgery and two counts of money laundering. He also forfeited $21.3m worth of assets to the state.[16]
On 30 May 2024, 44-year-old Lin Baoying was given a 15-month jail term for one count of money laundering and two counts of submitting a forged document to a bank. Lin, who possessed more than $170.5 million in assets, agreed to forfeit S$153 million to the state. Lin was the only female defendant of the case.[17]
On 6 June 2024, 36-year-old Su Jianfeng becme the ninth person to be convicted after pleading guilty to money laundering and forgery. The prosecution sought a sentence of 17 to 18 months’ jail.
On 7 June 2024,
Further reading[edit]
- Sun, David; Sverdan, Roman; Aragó, Laura (16 May 2024). "Vast and tangled web: S'pore's largest case of money laundering". The Straits Times. Retrieved 22 May 2024.
References[edit]
- ^ a b Wong, Shiying; Sun, David (16 August 2023). "About $1b in cash, assets seized and frozen in one of S'pore's biggest anti-money laundering operations". The Straits Times. Retrieved 22 May 2024.
- ^ a b Chua, Nadine (3 October 2023). "S'pore money laundering case among world's largest with assets seized worth over $2.8b". The Straits Times. Retrieved 22 May 2024.
- ^ a b "Singapore Busts Multimillion-Dollar Money Laundering Scheme". Voice of America. 29 August 2023. Retrieved 22 May 2024.
- ^ "S$3 billion money laundering case: Only woman accused gets seven new charges, wants early date to plead guilty". The Business Times. 21 May 2024. Retrieved 22 May 2024.
- ^ "'Golden passports': Where did the suspects in Singapore's new billion-dollar money laundering case come from?". ABC News. Reuters/ABC. 24 August 2023. Retrieved 22 May 2024.
- ^ Kok, Xinghui (30 August 2023). "Suspects back in court over Singapore's swoop on major money laundering ring". Reuters. Retrieved 22 May 2024.
- ^ "Su Wenqiang, accused in $3b money laundering case, sentenced to 13 months' jail". The Straits Times. 2 April 2024.
- ^ "Su Wenqiang, first to be convicted in $3b money laundering case, will be deported". The Straits Times. 4 April 2024.
- ^ "$3b money laundering case: Man who jumped from bungalow balcony during raid gets 14 months' jail". The Straits Times. 4 April 2024.
- ^ "$3 billion money laundering case: Third accused convicted, sentenced to 13 months' jail". The Straits Times. 16 April 2024.
- ^ "$3b money laundering case: Fourth man gets 14 months' jail". The Straits Times. 29 April 2024.
- ^ "$3b money laundering case: Fifth man gets 15 months' jail, surrenders $118m in assets to state". The Straits Times. 30 April 2024.
- ^ "Two men convicted in $3b money laundering case deported to Cambodia". The Straits Times. 6 May 2024.
- ^ "Extradition worries grow for convicted money launderer after deportation to Cambodia". The Straits Times. 14 May 2024.
- ^ "$3b money laundering case: Man gets jail, forfeits highest amount of assets seized". The Straits Times. 14 May 2024.
- ^ "$3b money laundering case: 7th man jailed for 15 months, forfeiting $21.3m of assets to state". The Straits Times. 23 May 2024.
- ^ "Only woman in $3 billion money laundering case jailed 15 months". The Straits Times. 30 May 2024.