SG is money-laundering hub

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$3b money laundering case: Man who jumped from bungalow balcony during raid gets 14 months’ jail​

Su Haijin is the second of 10 foreigners linked to Singapore’s largest money laundering case to be convicted. PHOTOS: WECHAT, ST FILE
Nadine Chua and Wong Shiying

APR 05, 2024

SINGAPORE – Cypriot national Su Haijin, who jumped from the second-floor balcony of a good class bungalow (GCB) during a police raid, has been convicted of resisting arrest and money laundering.
On April 4, the 41-year-old, who faced a total of 14 charges, was sentenced to 14 months’ jail.
Su is the second of 10 foreigners linked to Singapore’s largest money laundering case to be convicted and sentenced. More than $3 billion in cash and assets have been seized so far in relation to the case.
He admitted to one charge of resisting arrest and two money laundering charges. The latter involved Su possessing over $1.4 million, suspected to be criminal benefits, in Yihao Cyber Technologies’ DBS and UOB accounts.
Su is a director and sole shareholder of Yihao, which was incorporated in 2017.
Another 11 charges were taken into consideration for his sentencing.
The prosecution, which sought 12 to 15 months’ jail for Su, said he will forfeit more than $165 million, or around 90 per cent of his assets, to the state.

Some of the assets belonging to Su Haijin that were seized by the police in the money laundering case. PHOTOS: SINGAPORE POLICE FORCE
Seeking not more than 11 months’ jail for Su, defence lawyer Julian Tay said his client’s seized assets include 13 properties worth around $91 million, all the money in his bank accounts worth $45 million, and 69 Bearbricks, which are collectible toy figurines.
Also among the items to be forfeited are seven vehicles worth more than $3.3 million, nine luxury watches worth almost $19 million, and three country club memberships worth over $1 million.
The defence lawyer said: “He has given up more than what the charges are referring to, and due credit should be given.”


Su, who is originally from China, appeared in court via video link at around 2.45pm. He was expressionless as the statement of facts was read out to him.
He has been in remand for about eight months since his arrest on Aug 15, 2023.
Su was arrested in a 32,000 sq ft GCB at Ewart Park in Bukit Timah, which he was renting, when islandwide raids led by the Commercial Affairs Department (CAD) were conducted on luxury homes across Singapore.

On April 4, Deputy Public Prosecutor Ng Jean Ting said a team of police officers arrived at Su’s home at Ewart Park at around 6.40am on Aug 15, 2023.
The police identified themselves to his eldest son, who led them to his parents’ bedroom.
When Su’s son asked his father to come to the door, Su did not do so, and instead asked his son who the people with him were.
The police identified themselves and instructed Su to open the door, but he did not respond. They stormed the room but could not find him.
The DPP said Su jumped from the bedroom balcony onto the ground floor, fracturing his legs and injuring his wrist. Despite this, he hobbled down a flight of stairs to flee his home from a side gate and hid in a drain. He was found by the police and arrested.

Su (in white shirt and shorts) jumped from the second-floor balcony of a good class bungalow during a police raid. PHOTO: ST READER
DPP Ng said Su used Yihao to open a corporate bank account with OCBC in May 2021 and declared to the bank that the company’s source of funds was his personal wealth.
Su was issued an employment pass by the Ministry of Manpower (MOM) in August 2017 for his role as Yihao’s chief executive.
Investigations showed that Yihao did not have legitimate business operations and was not offering any products or services.
Between 2019 and 2022, Su instructed a Wang Jun Jie to prepare false financial statements of Yihao with inflated revenue.
The Straits Times reported in September 2023 that Wang held multiple directorships, and secretarial and shareholder positions in 185 firms. He had his registration as a qualified individual cancelled by the Accounting and Corporate Regulatory Authority in January.


The DPP said Yihao’s fake financial statement for financial year 2021 was submitted to DBS, UOB and OCBC as part of due diligence processes.
Su was also involved in submitting the forged statements to MOM and the Inland Revenue Authority of Singapore to renew his work pass and to fulfil Yihao’s tax obligations.
DPP Ng said that in 2021, Yihao’s OCBC account received more than $2 million from Marketrole Asia Pacific Services, an overseas company involved in online gambling operations.
Messages on Su’s mobile phone showed that he was involved in unlawful online gambling activities abroad, which gave the authorities reason to suspect that the $2 million were criminal proceeds.
Su previously admitted to investigators that he owned 10 properties abroad worth more than $14.2 million. He also has partial ownership of a yacht named Family, which is valued at US$4 million (S$5.4 million).

Su has partial ownership of a yacht named Family, which is valued at US$4 million (S$5.4 million). ST PHOTO: JASON QUAH
In its submissions, the prosecution said that there is a pressing need to deter money laundering offences to maintain Singapore’s reputation as an international financial hub.
DPP Ng said that Su’s resistance to his arrest increases his culpability. “His conduct is telling of his sense of guilt and demonstrates his determination to put himself beyond the reach of the law,” she added.
The DPP said Su abused Singapore’s economic and social infrastructure by laundering substantial funds through Yihao’s bank accounts and submitting false statements to public agencies and banks.
In mitigation, Su’s lawyer said that while this is Singapore’s largest money laundering case, his client has been unfairly associated with the other individuals arrested in the case, “as if he was part of a sinister cartel and syndicate”.
Mr Tay said: “(Su), in reality, is no different from any other loving family man. He is a devoted husband of over 20 years in marriage, a loving father to four kids, and his youngest is still an infant.”
The lawyer said his client relocated his family to Singapore around seven years ago and had plans to expand his family, do business and send his father with end-stage renal disease for medical treatment here.
“All these plans came crashing down when he was arrested and held in remand for more than seven months,” he added.

As for Yihao, Mr Tay said the company was set up by Su to eventually operate as an IT company based here to complement his businesses abroad.
The lawyer added: “Unfortunately, his plans for the company did not take off well in the initial years and were further delayed by the Covid-19 pandemic.”
Mr Tay also highlighted that Su has consented to the sale of all his seized vehicles, which helps to preserve their value and avoid the need for the police to store them.
On April 2, Cambodian national Su Wenqiang, 32, another of the 10 accused, was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering. He was the first in the group to be sentenced and faced a total of 11 charges.
In response to queries from The Straits Times on what will happen to Su Wenqiang after his release, the Immigration and Checkpoints Authority said on April 4 that foreigners convicted of offences in Singapore will be deported after serving their sentences and barred from re-entering Singapore.

Su Wenqiang was sentenced to 13 months in jail after he pleaded guilty to two counts of money laundering. PHOTO: CHINA POLICE
Chinese national Wang Baosen, 32, who faces two money laundering charges, is expected to plead guilty on April 16.
Mr David Chew, director of the CAD, said criminals will seek to abuse Singapore’s financial system by creating complex corporate structures to receive their criminal proceeds from overseas, launder them and enjoy them here with their families.
He added: “The police will take tough and decisive action to afford these criminals no safe harbour for either themselves or their wealth.
“Asset confiscation is a key priority in Singapore and beyond seeking imprisonment terms for their crimes, we will take all steps within our laws to deprive criminals of their proceeds of crime.”

 

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$3b money laundering accused offered jail time of 13 to 15 months after receiving 6 new charges​

Among the six new charges that Wang Baosen faces is one charge of allegedly lying to the authorities during investigations. ST ILLUSTRATION: CEL GULAPA
Christine Tan

APR 11, 2024


SINGAPORE - One of the 10 foreigners in the $3 billion money laundering case received six more charges on April 11, five days before he is scheduled to plead guilty.
Chinese national Wang Baosen, 32, was given one charge of lying to the authorities during investigations, one charge of abetting the use of a forged document, two additional charges of money laundering, and two charges under the Employment of Foreign Manpower Act.
Wang, who has been remanded for eight months since his arrest on Aug 15, previously faced two money laundering charges here relating to money from illegal remote gambling. He now faces eight charges in total.
Deputy Public Prosecutor Foo Shi Hao told the court that the prosecution had communicated a plead guilty offer of between 13 and 15 months’ jail in total.
Wang’s lawyer, Mr Favian Kang from Adelphi Law Chambers, confirmed to District Judge James Elisha Lee that his client still intends to plead guilty on April 16.
Wang allegedly lied four times to a Commercial Affairs Department (CAD) officer between Aug 16 and Oct 18 in 2023, about the source of his assets.
Among other false statements, Wang purportedly claimed that a unit at Park Nova condominium in Tomlinson Road had been paid for by his wife’s former boyfriend.

He also allegedly told the police that monies in several bank accounts were loan repayments from his and his wife’s friends.
Wang allegedly instigated his wife, He Huifang, to submit a forged loan agreement to HSBC on May 25, 2023, as a supporting document for him receiving $599,965 in an HSBC bank account.
This sum was alleged proceeds from illegal remote gambling. Wang was charged with possessing the money, and for using another $1.4 million in criminal proceeds to pay 10 per cent of the purchase price of the Park Nova unit on March 30, 2022.

Another accused person in the case, Turkish national Vang Shuiming, 43, allegedly financed one condominium unit at Park Nova, along with 10 condominium units at Canninghill Piers.
Wang also allegedly made a false statement in 2019 while applying for a work pass, claiming he would be employed by a company named Tonta as an assistant marketing manager.
Two years later, in 2021, while he was in the Philippines, he purportedly instructed a person in Singapore, named as Tan Chee Wan or “Clarence” in court documents, to renew his S Pass by claiming that he would continue to be employed by Tonta in the same role.
Appearing in court via video-link, Wang was expressionless as the new charges were handed down. Wang, who owns China and Vanuatu passports, had tried to secure bail twice and was denied each time.
At a bail mention in September 2023, a CAD officer revealed in an affidavit that a company was set up for the main purpose of helping Wang’s wife obtain an employment pass in Singapore.
The officer said Wang holds a dependant’s pass linked to He’s supposed employment in Singapore.
Wang said in his affidavit that the couple, along with their two daughters, moved to Singapore in 2022. His relatives, including his mother, brother and niece, were denied passes to enter and remain in Singapore after his arrest.
Wang previously told the police that he had overseas sources of income, including one million yuan (S$190,650) of profits from his family’s tea plantation business in China between 2019 and 2023.
The prosecution said in November 2023 that Wang had earlier admitted he previously worked with his cousin, Wang Bingang, at Hong Li International Entertainment, an illegal remote gambling site.
Assets worth more than $18 million have been seized or been subjected to prohibition of disposal orders relating to Wang Baosen’s case. The orders mean that they cannot be sold by him.
The assets include a black Toyota Alphard worth $284,000, more than $3.3 million in four bank accounts, and a property worth $14.76 million.

Su Haijin (left) was sentenced to 14 months’ jail and Su Wenqiang was sentenced to 13 months’ jail. ST ILLUSTRATION: CEL GULAPA
More than $3 billion in cash and assets have been seized so far in relation to the money laundering case.
Two other men involved were sentenced earlier in April.
Cypriot national Su Haijin, 41, who had jumped from the second-floor balcony of a good class bungalow during a police raid, was sentenced to 14 months’ jail on April 4. He had faced a total of 14 charges.
He had admitted to one charge of resisting arrest and two money laundering charges. Another 11 charges were taken into consideration for his sentencing.

On April 2, Cambodian national Su Wenqiang, 32, was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering. He was the first in the group to be sentenced and faced a total of 11 charges.
He forfeited assets worth over $5.9 million to the state, including more than $600,000 in cash, a Mercedes-Benz worth around $500,000, and luxury goods such as jewellery and whisky.
Su Haijin forfeited assets worth a total of more than $165 million, including 13 properties worth around $91 million, multiple luxury watches and bags, and seven vehicles, including two Rolls-Royces. The vehicles have been sold by the authorities for over $3.3 million.
Lawyers told The Straits Times on April 7 that a disposal inquiry will likely be held for the court to deal with any contesting claims to the assets, and to decide if the items will be destroyed or auctioned off.

 

[LITTLEREDDOT]

$3 billion money laundering case: Third accused convicted, sentenced to 13 months’ jail​

With one-third remission, Wang Baosen may be out by early May. ST ILLUSTRATION: CEL GULAPA
Wong Shiying and Christine Tan

APR 16, 2024

SINGAPORE – Chinese national Wang Baosen, the third accused in Singapore’s largest money laundering case to be convicted, has been sentenced to 13 months’ jail.
As part of his plea offer, the 32-year-old has forfeited his assets worth around $8 million to the state.
They are believed to be benefits from illegal gambling offences abroad.
The assets comprise about $4.4 million used to pay for a luxury condominium unit, over $3.2 million in bank accounts, a Toyota Alphard Hybrid Elegance worth $284,000 and more than $112,000 in cash.
With one-third remission, Wang may be out by early May. He was in remand for eight months following his arrest on Aug 15, 2023.
Wang pleaded guilty on April 16 to two charges of money laundering. Six other charges were taken into consideration, including lying to the authorities during investigations and providing false information in his work pass application.
Deputy Public Prosecutor Foo Shi Hao, who sought 13 to 15 months in jail for Wang, said the offender created a “wide web of lies” in deceiving HSBC about the source of his funds.

He also lied to the Ministry of Manpower about his employment in Singapore.
Defence lawyer Favian Kang sought not more than 13 months’ jail for his client, saying that Wang admitted to his wrongdoings and agreed to forfeit 100 per cent of his assets to the state.
The court heard that nearly $600,000 belonging to Wang was deposited into his wife He Huifang’s bank account on Jan 19, 2023.

When HSBC asked for supporting documents in relation to the $600,000, Wang submitted a forged loan agreement to the bank.
DPP Foo said Wang initially claimed the $600,000 was repayment of loans but later claimed the money was from his father’s sale of an overseas property.
“However, Wang was unable to substantiate his explanations with more details or evidence on the purported loan or sale of property,” the DPP said.
He added that Wang was here on a dependant’s pass and had no known sources of legitimate income at the time.

In June 2021, Wang’s wife entered into an agreement with developer Shun Tak Cuscaden Residential to purchase a Park Nova condominium unit at 18 Tomlinson Road.
Wang used over $1.4 million from a company, Hornet Bee International Trading, to pay for 10 per cent of the property’s purchase price in March 2022.
When questioned, Wang claimed the money did not belong to him and that he did not use it to buy the property.
He later claimed that the funds came from profits he made through buying and selling cryptocurrency Bitcoin.
DPP Foo said Wang could not back up his claims and added that his explanations were inconsistent.
In the prosecution’s submissions, DPP Foo said Wang’s case bears many similarities to that of Su Haijin, one of the 10 foreigners arrested in the money laundering probe.
The Cypriot national, who jumped from the second-floor balcony of a good-class bungalow during a police raid on Aug 15, 2023, was sentenced to 14 months’ jail on April 4 after pleading guilty to three charges, with 11 charges taken into consideration.
DPP Foo said both accused had pleaded guilty to two money laundering charges each, adding that the total amount of money laundered was similar, at about $2.4 million each.
In mitigation, Mr Kang said his client’s overall criminality is lower than Su’s.
Mr Kang noted that Su’s seized assets worth around $170 million are more than 20 times that of the $8 million seized in Wang’s case.

Some of the assets belonging to Cypriot national Su Haijin that were seized by the police in the money laundering case. PHOTOS: SINGAPORE POLICE FORCE
The lawyer pointed out that Su had agreed to forfeit only 90 per cent, or over $153 million of his assets.
“The reality is that 10 per cent of assets Su retained amounting to $17 million is very substantial,” said Mr Kang in his written mitigation plea.
He added that Wang wishes to be reunited with his two daughters, aged four and five, and his wife.
In sentencing Wang, District Judge James Elisha Lee said it is incumbent on Singapore to take its anti-money laundering responsibilities seriously, adding that the transnational element in this case is an aggravating factor.
He said Wang’s charges “demonstrate a degree of persistence in offending and disregard for the law”.
But the judge acknowledged that Wang forfeiting all his assets is a significant mitigating factor.
“While Su Haijin may have agreed to forfeiture of a substantially higher sum, he had also retained a not-insignificant amount, whereas the accused has consented to forfeiture of all his assets.
“This, in my view, demonstrates a deeper level of remorse on the part of the accused.”
DPP Foo said Wang had no known prior offences in Singapore.

Gambling site​

Wang had admitted to working with his cousin, Wang Bingang, at Hongli International Entertainment, a gambling site operating from the Philippines and Cambodia, according to court documents.
It targeted gamblers in China, where online gambling is illegal. The Chinese authorities clamped down on the site in 2015 and arrested Wang Bingang and his associates.
According to Chinese court documents, Wang Baosen had a monthly salary of 10,000 yuan (S$1,900), along with a cut of the site’s profits. He was investigated in relation to the case, but it is not clear if he was convicted.
In January 2022, Wang moved to Singapore with his wife and children. His dependant’s pass was linked to his wife’s supposed employment here.
His relatives, including his mother, brother and niece, were denied passes to enter and remain in Singapore after his arrest in August 2023.
While in remand, Wang, who owns passports from China and Vanuatu, tried unsuccessfully to secure bail in September 2023 and again in November the same year.
On April 2, Cambodian national Su Wenqiang was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering. The 32-year-old was the first in the group to be sentenced.
He had 11 charges in total.

 

[LITTLEREDDOT]

The $2bn dirty-money case that rocked Singapore​

12 April 2024
By Kelly Ng,BBC News, Singapore

Getty Images
The case has put Singapore's status as a financial hub in the spotlight
A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn (£1.8bn) earned from criminal activities abroad.

The scandal embroiled multiple banks, property agents, precious metal traders and a top golf club. It led to extensive raids in some of the most affluent neighbourhoods, where police seized billions in cash and assets. The lurid details have gripped Singaporeans - among the seized assets were 152 properties, 62 vehicles, shelves of luxury bags and watches, hundreds of pieces of jewellery and thousands of bottles of alcohol.

Earlier this month, Su Wenqiang and Su Haijin became the first to be jailed in the case. Su Haijin, police said, jumped off the second-floor balcony of a house trying to flee arrest. Both men will serve a little over a year in prison, after which they will be deported and barred from returning to Singapore. Eight others are still awaiting the court's decision.

Even as it draws to a close, the case - the biggest of its kind in Singapore - has raised inevitable questions. The money that paid for their plush lives in the country, prosecutors said, came from illegal sources overseas, such as scams and online gambling.

How did these men, some of whom had multiple passports from Cambodia, Vanuatu, Cyprus and Dominica, live and bank in Singapore for years without drawing scrutiny? It has sparked a review of policies, with banks tightening rules, especially around clients who hold multiple passports.


Most important, the case has spotlighted the country's struggle with welcoming the super wealthy, without also becoming a destination for ill-gotten gains.

Getty Images
Luxury cars were among assets police seized in their raids

Show me the money​

Singapore, which is often referred to as the Switzerland of Asia, started wooing banks and wealth managers in the 1990s. Economic reforms in China and India had begun to pay off, and then in the 2000s, a newly-stable Indonesia saw wealth grow as well. Soon, Singapore became a haven for foreign businesses, with investor-friendly laws, tax exemptions and other incentives.

Today, the ultra-rich can fly into Singapore's private jet terminal, live it up in luxurious quayside neighbourhoods, and speculate on the world's first diamond trading exchange. Just outside the airport is a maximum-security vault called Le Freeport that provides tax-free storage for fine art, jewels, wine and other valuables. The $100m-facility is often dubbed Asia's Fort Knox.

Singapore's asset managers drew S$435bn from abroad in 2022, almost double the figure in 2017, according to the country's market regulator. More than half of Asia's family offices - firms which manage private wealth - are now in Singapore, according to a report by consulting giant KPMG and family office consultancy Agreus.


They include those of Google co-founder Sergey Brin, British billionaire James Dyson and Chinese-Singaporean Shu Ping, boss of the world's biggest chain of hotpot restaurants, Haidilao.

Authorities say some of the accused in the money laundering case may be linked to family offices that were given tax incentives.

"There is an inherent contradiction for a place like Singapore, which prides itself on clean and good governance but also wants to accommodate the management of massive wealth by offering advantages such as low taxes and banking secrecy," says Chong Ja-Ian, a non-resident scholar at Carnegie China.

"The risk of also becoming a banker for individuals who earned their money through nefarious or illicit means grows."

Getty Images
Singapore's attraction for the ultra-rich comes with risks, analysts say
For rich Chinese, Singapore is a top choice because of its reputed governance and stability, as well as its cultural links to China. And more Chinese money has been entering Singapore in recent years.

One of the 10 suspects in this case was wanted in China since 2017 for his alleged role in illegal gambling online. Prosecutors claimed that he settled in Singapore because he "wanted a safe place to hide from the Chinese authorities".

Hiding in plain sight​

This isn't the first time Singapore-based banks have been implicated in a financial crime. They were found to have played a role in cross-border laundering in the 1MDB scandal, where billions were misappropriated from Malaysia's state investment fund. Dan Tan, who was once described by Interpol as "the leader of the world's most notorious match-fixing syndicate" also had strong business links to Singapore. He was arrested here in 2013.


The country has strict rules targeting white collar crimes and is an active member of the Financial Action Task Force, a global body which targets money laundering and financing for terror networks. Over the years, banks have invested heavily to strengthen compliance, to screen prospective customers and to urge regulators to report suspicious transactions. But none of this is foolproof.

For one, it is difficult for regulators to spot suspicious cases in a sea of high-value transactions.

"It's not just one needle in a haystack, but one needle in several haystacks," Singapore's second minister for home affairs, Josephine Teo, told parliament in October last year.

Singapore's buoyant property market is a popular means to "clean" dirty money, some experts pointed out. And there are the casinos, nightclubs and luxury stores.

"Massive amounts of money pass through Singapore's banking system every day. Criminals can exploit this feature and disguise their money laundering activities among legitimate ones," accounting professor Kelvin Law from Singapore's Nanyang Technological University told the BBC.

Getty Images
Singapore's property market is one of the routes for dirty money, experts say
Singapore also does not limit the amount of cash that can be carried in and out of the country, only requiring a declaration if the sum exceeds S$20,000. And that is an advantage, says Christopher Leahy, the founder of Singapore-based investigative research and risk advisory firm Blackpeak.

"If you want to move lots of money, you hide it in plain sight and Singapore is a great place for that. There is no point putting it in the Cayman Islands or the British Virgin Islands, where there is nothing [to spend money on]," he said.

When asked for a response to analysts' comments that Singapore's advantages as a financial capital are also a draw for dirty money, authorities pointed the BBC to the law and home affairs minister interview in a local newspaper last year.

"We can't close the window, because if we did that, then legitimate funds will also not be able to come. And legitimate business also can't be done, or becomes very difficult to do. So we have to be sensible," K Shanmugam said.


"When you are successful, you are a major financial centre, a lot of money comes in, some 'flies' will also come in," he added, referring to an oft-repeated quote of the late Chinese leader, Deng Xiaoping.

Singapore has to decide how far it will go in accepting "money with varying shades of grey", says Dr Chong of Carnegie China.

While increased regulation will help, he says transparency poses a bigger challenge: "Transparency goes against the very model of discretion that allows many wealth management hubs to thrive."

Some analysts say this may well be the price Singapore is willing to pay to retain its position as a financial hub.

"The vast majority of the funds are legitimate, after all," Mr Leahy says. "But there is an inevitable cost to being a major financial centre."

 

[k1976]

Wow....all of them seem to qualified to release and go back to Tiongkok For May Day Long Golden Weekend....can celebrate some more sia

 

[k1976]

Samster beware!!​

SeX SCAM will tio backfire more toloh toloh

​

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Married man pretended to be pimp to get free sex from social escorts, threatened to leak girlfriend's intimate photos online​

Chen Zelin, who has a young child, threatened his girlfriend and called her a sex slave with no rights. She later made a police report.​

Seow Kai Lun
Updated Wed, 17 April 2024 at 4:26 pm SGT4-min read

A Singaporean man duped two social escorts into thinking he was a pimp to get sexual services for free or at a discount. (Photos: Getty Images)

SINGAPORE — A married Singaporean man duped two social escorts into thinking he was a pimp to get sexual services for free or at a discount, by telling them that a “trial or “interview” was required before he could get them paying jobs.

Chen Zelin, who has a young child, also got his girlfriend to be his “sex slave” by threatening to release intimate photos of her, local media outlet Today reported.

The 42-year-old was sentenced to two years and eight months’ jail on Tuesday (16 April), after he pled guilty to two charges of cheating by impersonation and one charge of threatening to distribute an intimate image.

 

[Rabbit7]

FinCEN leaks: DBS, CIMB and Deutsche among banks in S'pore that handled about $6 billion in suspicious transactions​

Singapore received about US$3 billion and sent US$1.5 billion in 1,781 suspicious transactions, within 20 years. PHOTO: ST FILE

Aw Cheng Wei
China Correspondent


SEP 21, 2020

SINGAPORE - A number of banks in Singapore handled about US$4.5 billion (S$6.13 billion) in suspicious transactions between 2000 and 2017, with DBS Bank, CIMB Bank and Deutsche Bank among those that processed the largest sums of such funds here.
This is according to the findings of the International Consortium of Investigative Journalists (ICIJ) on leaked files, comprising so-called suspicious activity reports, from the Financial Crimes Enforcement Network (FinCEN) in the United States.
The consortium noted that, within almost 20 years, Singapore received about US$3 billion and sent US$1.5 billion in 1,781 suspicious transactions.
The Monetary Authority of Singapore (MAS) told The Straits Times on Monday that it is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN.
Although such suspicious transaction reports do not imply that the transactions are illicit, the authority takes such reports very seriously, said a spokesman, adding that Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force.
"MAS is closely studying the information in these media reports, and will take appropriate action based on the outcome of our review," she added.
In all, the ICIJ reported on Sunday (Sept 20) that the files contained information about more than US$2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious.

Experts told The Straits Times that filing suspicious activity reports do not translate to wrongdoing. Furthermore, banks and financial institutions are obliged to flag unusual transactions so that regulators can follow up on them, they added.
For example, an account which typically sees small transactions getting an unusually large deposit of money might pop up on banks' radars, the noted.
Alternatively, if bank customer who has $1 million in his account decides to transfer all his money to another bank - such a transaction might also show up as "suspicious".

Associate Professor Lawrence Loh at National University of Singapore Business School said: "The revelation so far has been more focused on the movements rather than the applications of the funds.
"In fact, there may be a wide spectrum of possibilities for the applications, including those relating to corruption or even as drastic as criminal support," he added.
In Singapore, the Commercial Affairs Department (CAD) publishes the number of suspicious transaction reports it received in its annual report. The CAD is the police unit that deals with white-collar crime.

The CAD's Suspicious Transaction Reporting Office received 32,660 reports in 2018, down 8 per cent from 35,471 reports in 2017, according to CAD's 2018 annual report.
CAD noted that banks filed the most number of suspicious transaction reports - 16,314 - in 2018, followed by the 6,510 reports filed by casinos and 4,823 reports filed by moneychangers and remittance agents.
The consortium on Sunday released a list of banks in Singapore involved in the allegedly illicit transfers, based on more than 2,100 reports amounting to some $35 billion, that were filed by about 90 financial institutions. A report may contain multiple transactions.
The list "displays cases where sufficient details about both the originator and beneficiary banks were available, and is designed to illustrate how potentially dirty money flows from country to country around the world, via US-based banks", said the ICIJ.
The consortium reported that five global banks appeared most often in the leaked documents - HSBC Bank, JPMorgan, Deutsche Bank, Standard Chartered and Bank of New York Mellon.
In Singapore, DBS Bank was listed as having sent US$596.8 million and received US$228.3 million in 461 suspicious transactions between 2000 and 2017.
CIMB Bank was noted to have sent US$250.4 million and received US$34.3 million in 294 suspicious transactions, while Deutsche Bank sent US$224.3 million and received US$62 million in 19 suspicious transactions within the same period.
MORE ON THIS TOPIC
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FinCEN leaks: 5 key takeaways on global banks moving 'suspicious' funds
A DBS spokesman told ST that the bank has "zero tolerance for bad actors abusing the financial system" and is firm on collaborating with the authorities in the seizure of funds and disruption of criminal networks.
"Outside of sanctions on names or specific account freezes, it is generally very difficult to delay or intercept money in transit given the impact on legitimate business, so the normal process - which happens behind the scenes - involves subsequent investigations to establish suspicion, based on which the necessary action is taken," he added.
CIMB Singapore "operates in compliance with the anti-money laundering laws, regulations and guidelines issued by the Monetary Authority of Singapore", a bank spokesman said in response to queries. He added that the bank is investigating the matter.
Deutsche Bank noted that it has invested billions of dollars to more support the authorities in this effort. "Naturally, this leads to increased detection levels," it said in a statement.
The German bank has "devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations", it added.

Are the many "Spas" in Singapore used as instruments of Money laundering in Singapore ?

 

[k1976]

Are the many "Spas" in Singapore used as instruments of Money laundering in Singapore ?

Wow....need to check alot color sia

 

[LITTLEREDDOT]

$3 billion money laundering case: Fourth accused set to plead guilty on April 30​

Chinese national Zhang Ruijin faces three charges of forging documents to cheat CIMB bank. ST ILLUSTRATION: CEL GULAPA

Wong Shiying

APR 19, 2024

SINGAPORE – A fourth person in Singapore’s largest money laundering case intends to plead guilty on April 30, court records on April 19 show.
Chinese national Zhang Ruijin, 45, faces three charges of forging documents to cheat CIMB bank.
The fake documents include two sale agreements for properties in Macau and a loan agreement stating he had borrowed funds from a Hong Kong company.
Zhang, who has been in custody for more than eight months, was arrested with his lover Lin Baoying, 44, in a bungalow at Pearl Island in Sentosa Cove on Aug 15, 2023.
They were among 10 foreigners arrested in an anti-money laundering police probe that saw more than $3 billion in cash and assets seized.
Zhang and Lin have known each other for more than a decade and their combined assets in Singapore are worth about $325 million, according to affidavits by investigating officers on the case.
Lin, also a Chinese national, has had about $215.5 million in assets seized or frozen by the authorities. For Zhang, the amount in assets seized or frozen is worth at least $109.8 million.

Lin, the only woman in the group, faces two charges of forgery and one over perverting the course of justice.
The pair were denied bail in October 2023 as they were flight risks, with multiple passports each. Zhang failed in his second attempt to secure bail in December that year.
He is represented by two legal teams – one led by Mr Eugene Thuraisingam and the other by Mr Richard Siaw from R.S. Solomon.
On April 2, Cambodian national Su Wenqiang, 32, who had 11 charges in total, was sentenced to 13 months’ jail after pleading guilty to two counts of money laundering. He was the first in the group to be sentenced.
On April 4, Cypriot national Su Haijin, 41, was sentenced to 14 months’ jail after pleading guilty to one count of resisting arrest and two money laundering charges. He had 14 charges in total.
On April 17, Chinese national Wang Baosen, 32, was sentenced to 13 months’ jail after he pleaded guilty to two charges of money laundering. He had eight charges in total.

 

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Russian bought $88m of gold from dealer in Changi to launder funds for Ukraine invasion​

The gold was sold by Singapore Precious Metals Exchange, which stores it at Le Freeport, a secured logistics hub in Changi North Crescent. PHOTO: ST FILE

David Sun
Crime Correspondent

APR 21, 2024

SINGAPORE – A Russian man bought more than US$65 million (S$88 million) worth of gold bullion held in Singapore in a money laundering conspiracy meant to fund the Russian military’s invasion of Ukraine.
The gold was sold by the precious metals dealer Singapore Precious Metals Exchange (SGPMX), which stores the bullions at Le Freeport, a secured logistics hub in Changi North Crescent.
SGPMX is a privately run trading and storage company headquartered in Singapore. It allows its clients to trade in actual gold in an online global exchange, much like how shares are traded on the stock exchange.
Clients can physically check on their gold at the facility at any time.
Russian national Feliks Medvedev, 42, was charged in the United States on April 11, 2023, with one count of operating an unlicensed money transmitting business and 39 counts of money laundering.
On Feb 22, he pleaded guilty to the charges. He admitted to running an unlicensed money transmitting business in the US, and moving over US$150 million of illicit funds in more than 1,300 transactions.
Of this, more than US$65 million was used to buy the gold from SGPMX.

SGPMX told The Straits Times that due to privacy laws, it could not provide details on the matter.
“SGPMX adheres to the highest standards of checks and due diligence and is bound to strict confidentiality clauses as dictated by local regulations and Personal Data Protection Act laws,” a spokesman added.
ST understands the Singapore Police Force are aware of the case.


The US Attorney’s Office for the Northern District of Georgia said Medvedev resided in Georgia, US, where he had registered eight companies which were used to illegally transmit the illicit funds.
It said the companies did not incur typical business expenses or maintain employees, adding that a majority of the illicit funds had come from multiple overseas companies before being transferred to other foreign companies.
Two other Russians and a business consulting firm in Moscow were alleged to have conspired with Medvedev in the transfer of these funds and laundering of the illegal proceeds.
Alexey Chubarov, 42, and Lev Solyannikov, 31, are alleged to have informed Medvedev about the incoming fund transfers, and directed him on transfers to make after, including to SGPMX to buy the gold bullion.
The US Attorney’s Office for the Northern District of Georgia said Chubarov and Solyannikov both worked for the KSK Group, and Chubarov was identified as an expert on international structuring.

The two Russians and the company were charged on Feb 13 with conspiracy, operating an unlicensed money transmitting business, and 39 counts of money laundering for their alleged respective roles related to Medvedev’s scheme.
The case is being investigated by the Federal Bureau of Investigation.
Chubarov and KSK Group were added to America’s specially designated nationals list of sanctioned entities on Sept 14, 2023.
US Attorney-General Merrick B. Garland said on Feb 22 that the illicit funds were for fuelling Russia’s invasion of Ukraine.
“The Justice Department is more committed than ever to cutting off the flow of illegal funds that are fuelling Putin’s war and to holding accountable those who continue to enable it,” he said.
“That is why today we are announcing several additional enforcement actions that the Justice Department has taken to bring prosecutions against and seize assets of sanctioned enablers of the Kremlin and Russian military.”
US Deputy Attorney-General Lisa Monaco said the prosecution of Medvedev, Chubarov, Solyannikov and KSK Group is part of the actions taken by Task Force KleptoCapture, a US Department of Justice unit formed in March 2022.
The unit’s goal is to enforce sanctions on Russian oligarchs in response to the Russian invasion of Ukraine.
Ms Monaco said that since its inception, the task force has restrained, seized, and obtained judgments to forfeit nearly US$700 million in assets from Russian enablers and charged more than 70 people for violating international sanctions and export controls levied against Russia.
She said: “Since the onset of Russia’s brutal and unprovoked invasion of Ukraine, the Justice Department has used every tool in our arsenal – including our international partnerships – to target the criminal actors and activity propping up Vladimir Putin, his henchmen, and his illegal war.
“The charges we announce today against oligarchs, facilitators, and money launderers are the next chapter: so long as Russia’s aggression continues, so too will our resolve to hold its enablers accountable. We stand firmly with the people of Ukraine.”
Medvedev is expected to be sentenced on May 7.

 

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$3b money laundering accused Su Baolin handed 3 new charges, to plead guilty on April 29​

Su Baolin, who is originally from China and holds a Cambodian passport, now faces 13 charges in total. ST FILE ILLUSTRATION

Wong Shiying

APR 24, 2024

SINGAPORE - Su Baolin, one of the 10 accused in Singapore’s largest money laundering case, was handed three more charges on April 24, five days before he is set to plead guilty on April 29.
Su, 42, who is originally from China and holds a Cambodian passport, now faces 13 charges in total.
He is the fifth person in the probe – which saw more than $3 billion in cash and assets seized – who intends to plead guilty.
Three other accused – Su Wenqiang, Su Haijin and Wang Baosen – have been sentenced to between 13 and 14 months in jail.
Two of Su Baolin’s fresh charges allege that he possessed property suspected of being benefits from illegal gambling offences abroad.
His remaining new charge accuses him of falsely declaring to the Ministry of Manpower’s (MOM) Controller of Work Passes in October 2022 that his wife Ma Ning would be employed as sales and marketing director of SG-Gree, when he knew there was no such arrangement. Su Baolin is listed as a director of SG-Gree.
Three of his previous charges accuse him of abetting a Wang Junjie from 2020 to 2022 with making false representations to the Inland Revenue Authority of Singapore on Xinbao Investment Holding’s financial situation.

He faces a separate money laundering charge which alleges that, in December 2020, he used $657,980 in criminal proceeds to fund the purchase of three properties at Scotts Square, in Scotts Road, in the name of his wife.
Three cheques were issued, each worth more than $1.8 million.
He allegedly abetted a former Citibank employee, Wang Qiming, to forge a borrowing agreement for the purposes of cheating Standard Chartered Bank.
He allegedly submitted a forged income declaration certificate from ZhengJiang Chengnabaili Import & Export to Citibank as supporting documentation.
In November 2017, he allegedly lied in a statutory declaration affirmed before a Commissioner of Oaths, which included him saying he was a director of a firm known as Great Trillion Technology in Hong Kong and he had received dividends and director’s salary and fees totalling about $5.1 million since 2016.
Su Baolin’s remaining three charges relate to him refusing to sign statements he made in an interview room at Changi Prison from December 2023 to January 2024.
For money laundering, he can be fined up to $150,000 and jailed for up to three years for each offence. For lying to MOM, he can be fined up to $20,000 and jailed for up to two years.

 

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5 more charges for accused in $3 billion money laundering case​

Zhang Ruijin faces a new charge involving the alleged use of a forged document to cheat Standard Chartered Bank. ST ILLUSTRATION: CEL GULAPA

Nadine Chua

APR 26, 2024, 01:54 PM

SINGAPORE – Chinese national Zhang Ruijin, one of the 10 foreigners arrested in Singapore’s largest money laundering case involving more than $3 billion, was handed five more charges on April 26.
Zhang’s defence team confirmed that the April 30 date for him to plead guilty still stands.
The 45-year-old, who appeared in court via video link, faces a new charge involving the alleged use of a forged document to cheat Standard Chartered Bank.
The other four new charges stated that Zhang allegedly possessed HK$208 million ($36 million), which represented benefits of criminal conduct.
In August 2023, he was handed three charges involving forged documents to cheat CIMB Bank.
The fake documents include two sale agreements for properties in Macau and a loan agreement.
In total, he faces eight charges.

Zhang, who has been in custody for more than eight months, was arrested with his lover Lin Baoying, 44, in a bungalow on Pearl Island in Sentosa Cove on Aug 15, 2023.
Zhang and Lin have known each other for more than a decade, and their combined assets in Singapore are worth about $325 million, according to affidavits by investigating officers.
The pair were denied bail in October 2023 as they were flight risks and each held multiple passports. Zhang failed in his second attempt to secure bail in December.
Of the 10 foreigners involved in this money laundering case, three have been convicted and sentenced.
On April 2, Cambodian national Su Wenqiang, 32, who had 11 charges in total, was sentenced to 13 months’ jail after pleading guilty to two counts of money laundering. He was the first in the group to plead guilty.
On April 4, Cypriot national Su Haijin, 41, was sentenced to 14 months’ jail after pleading guilty to one count of resisting arrest and two money laundering charges.
On April 16, Chinese national Wang Baosen, 32, was sentenced to 13 months’ jail after he pleaded guilty to two charges of money laundering.
Cambodian national Su Baolin, 42, who faces 13 charges, is expected to plead guilty on April 29.
Meanwhile, Vang Shuiming, 43, who is listed as a Turkish national in court documents, is set to plead guilty on May 14. He faces 22 charges in total.