ACRA sanctions man with 185 directorship over links to $2.8B money laundering case
Singaporean resident Wang, linked to 185 companies, faces cancellation of qualified individual status by Acra due to anti-money laundering violations. Nine of these companies have direct ties to individuals charged in the S$2.8 billion money laundering case.
Published
5 seconds ago
on
19 January 2024
By
Yee Loon
SINGAPORE: A Shanghai-born Singaporean resident, affiliated with 185 companies as a director, secretary, and shareholder, has had his registration as a qualified individual cancelled by the Accounting and Corporate Regulatory Authority (Acra).
The cancellation of registrations for filing agent LW Business Consultancy (LWBC) and Wang Junjie as a registered qualified individual (RQI) was announced by Acra in a statement on Friday (19 Jan), stating that the cancellations occurred on Thursday.
Acra disclosed that these actions are part of an ongoing money laundering probe in Singapore, where at least $2.8 billion in cash and assets have been seized, marking the country’s largest money laundering case.
Wang Junjie, a 41-year-old Bedok resident, is identified as the RQI and director of LWBC, according to Acra.
As per the earlier report, Wang relocated to the city-state from Shanghai in his twenties, and has reportedly been involved with approximately 400 companies since 2014.
Violations of anti-money laundering regulations
The cancellations of registrations were based on violations of anti-money laundering and countering the financing of terrorism (AML/CFT) controls outlined in the Acra (Filing Agents and Qualified Individuals) Regulations 2015.Acra pointed out that LWBC committed AML/CFT breaches, including the failure to conduct additional customer due diligence when a customer was not physically present during the onboarding process.
Other breaches involved neglecting to inquire about additional beneficial owners associated with clients and omitting risk assessments for certain customers.
Acra stated, “Wang, as the RQI and director of LWBC, also did not supervise his employees in carrying out their duties, which resulted in the breaches.”
“Accordingly, Acra determined that Wang no longer met the fit and proper criteria to remain registered as an RQI, and Wang’s registration as an RQI was consequently cancelled.”
Acra clarified that RQIs and Registered Filing Agents (RFAs) are responsible for providing corporate secretarial services, assisting businesses in tasks such as company incorporation and fulfilling filing requirements under the Companies Act 1967 or other Acts governed by Acra.
17 RQIs and RFAs cancelled/suspended over past three years
RQIs and RFAs are mandated to conduct customer due diligence measures and prevent AML/CFT breaches.Those found in violation may face fines up to S$10,000 or S$25,000 (approximately US$18,642) per breach, along with the possibility of having their registrations suspended or cancelled by Acra.
Acra disclosed plans for additional measures to enhance penalties for errant service providers, collaborating with the Ministry of Finance to present proposals in Parliament in the coming months.
Emphasizing the crucial role of RQIs and RFAs in detecting and combating illicit activities, Acra noted that between 2021 and 2023, it had already cancelled or suspended the registrations of 17 RQIs and RFAs.
9 companies linked to S$2.8 billion Fujian money laundering case
As reported earlier, out of 185 companies where Wang was affiliated, a minimum of nine have direct ties to three of the ten individuals who were apprehended in August last year in connection with the S$2.8 billion money laundering case and subsequently charged.These nine companies have Su Haijin, a 40-year-old Cypriot national; Su Baolin, a 41-year-old Cambodian national; and Vang Shuiming (万/王水明), a 42-year-old Turkish national, listed either as directors or shareholders.
The three individuals, originally from Fujian China, are facing various charges, including money laundering, forgery, and resisting arrest.
Significantly, his name appeared more than once within two of these companies, suggesting his multifaceted roles in those firms.
On 3 September last year, The Straits Times (ST) reported that Wang has previously held positions as director, secretary, or shareholder in an astounding 224 companies spanning various industries, including investment, technology, consultancy, and pharmaceutical trade.
A third of the 224 companies have been delisted from the Acra business registry.
In his conversation with the ST last year, Wang. explained that the suspect had convinced him to invest in the suspect’s company, saying, “He (the suspect) asked me to take care of his company. But I have never taken a single cent or shares.”
When asked about his extensive involvement with approximately 400 companies since 2014, Wang defended his actions, stating, “So what if I’m involved in all these companies? I do secretarial work for companies and they are all legitimate. I’m not doing anything wrong.”
“I live in an HDB flat and drive a second-hand car, which I took out a loan for.”
Wang mentioned that he was introduced to the individual by Su Haijin, despite denying any substantial business connections with Su.
The ST uncovered that Wang holds secretarial positions in Yihao Cyber Technologies, Daily Glory International, and Aiqinhai Investment, three companies where Su Haijin was listed as a director.
Su was also a shareholder in Meining (Asia) International Electronic Commerce and Sg-Gree, firms where J.J. was appointed as director. Notably, Su Haijin is the younger sibling of another individual who was apprehended, namely Su Baolin.
Su Baolin is the founder of Xiamen Xinbao Investment Holdings (厦门新宝投资控股) and Meinin E-Commerce (美宁电子商务), and made a director of Sg-Gree on June 1, 2021, the same day his brother Su Haijin was appointed a shareholder of the company.
Wang is also reportedly the listed secretary of Singapore company Zhuo Chi Technology, linking him to Vang Shuiming.
Vang was a director and shareholder at Zhuo Chi Technology Company. Vang was reportedly sought by Chinese authorities within the country last year for alleged involvement in a profit-oriented online gambling network.
However, Wang is not the sole person engaged in multi-directorship business
Serangoon resident earns S$50 per firm set up; involved in over 200 companies
As per ST, a Serangoon resident Amy Chin has reportedly assisted in registering firms for at least three associates of the arrestees. Business records revealed her involvement as a shareholder or director in over 200 companies.These associates include Wu Qin, whose husband, Su Haijin, faces charges of money laundering and resisting arrest in Singapore, allegedly possessing funds believed to be proceeds from unlawful remote gambling activities.
Ms Chin was previously listed as a director in Culbert Management, which was set up by Ms Wu.
Mr Jackson Lim, a Corporate service provider Grof, and another Singaporean – identified as Wang Junjie in a previous report – were also listed as company secretaries.
Ms Chin, a Singaporean herself, is associated with companies set up by Ms Su Caihuang, the wife of accused Wang Dehai, and Wang Qiujiao, whose registered address is a condo unit at New Futura, the same unit acquired by Chen Qingyuan in 2018.
Wang Dehai was among the ten individuals arrested in the S$2.8 billion case, and Wang Qiujiao was named in MinLaw’s list.
