Singapore $2.2 Billion Money Laundering – Suspect Chen Qingyuan Faces Forgery Charges for Income & Source of Wealth Documents Including of Girlfriend Submitted to Standard Chartered Bank in 2021, $15 Million of Assets Issued Prohibition Orders or Seized
22nd February 2024 | Hong Kong
Singapore $2.2 Billion Money Laundering – Suspect Chen Qingyuan is facing new forgery charges for income & source of wealth documents including of girlfriend submitted to Standard Chartered Bank in 2021. Chen Qingyuan $15 million (S$20 million) of assets had been issued prohibition orders or seized. Earlier in February 2024, Singapore public prosecutor (Attorney-General’s Chambers) granted approval to DBS to sell properties placed with prohibition orders, with DBS attempting to recover loans securitized by the properties. In February 2024, Vang Shuiming had received 11 new charges for providing forged financial statements to Singapore brokerage UOB Kay Hian (Xiamen Likanghang Trading, Xiamen Yetian Trading & Xiamen Mingxin Guarantee). Singapore authorities had also seized $449,000 assets ($600,000) held in UOB Kay Hian. In January 2024, Singapore Accounting & Corporate Regulatory Authority (ACRA) cancelled registrations of LW Business Consultancy & Director Wang Junjie on 18th January 2024, with Wang Junjie holding directorships, secretarial & shareholder roles in 185 firms. The registrations were cancelled for breaching money laundering, financing terrorism, customer due diligence and beneficial ownerships. (See below for official notice) In January 2024, the total assets seized for the Singapore money laundering case has increased to $2.2 billion, with addition of 55 properties & 15 vehicles seized, and 2 more Cambodian suspects Su Yongcan & Wang Huoqiang had been issued warrants of arrests and Interpol Red Notices. The suspect Su Yongcan has $108 million (S$145 million) in bank accounts and is the owner of $19 million (S$26 million) Penthouse at South Beach Residences. Another 189 luxury bags, 34 pieces of jewellery and 5 luxury watches had also been seized or issued with prohibition orders. In December 2023 – OCBC bank filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
“ Singapore $2.2 Billion Money Laundering – Suspect Chen Qingyuan Faces Forgery Charges for Income & Source of Wealth Documents Including of Girlfriend Submitted to Standard Chartered Bank in 2021, $15 Million of Assets Issued Prohibition Orders or Seized “
Singapore $2.2 Billion Money Laundering – Singapore Public Prosecutor Grants Approval to DBS to Sell Properties Placed with Prohibition Orders, DBS Attempts to Recover Loans Securitized by the Properties
10th February 2024 – Singapore $2.2 Billion Money Laundering – Singapore public prosecutor (Attorney-General’s Chambers) has granted approval to DBS to sell properties placed with prohibition orders, with DBS attempting to recover loans securitized by the properties. Earlier in February 2024, Vang Shuiming had received 11 new charges for providing forged financial statements to Singapore brokerage UOB Kay Hian (Xiamen Likanghang Trading, Xiamen Yetian Trading & Xiamen Mingxin Guarantee). Singapore authorities had also seized $449,000 assets ($600,000) held in UOB Kay Hian. In January 2024, Singapore Accounting & Corporate Regulatory Authority (ACRA) cancelled registrations of LW Business Consultancy & Director Wang Junjie on 18th January 2024, with Wang Junjie holding directorships, secretarial & shareholder roles in 185 firms. The registrations were cancelled for breaching money laundering, financing terrorism, customer due diligence and beneficial ownerships. (See below for official notice) In January 2024, the total assets seized for the Singapore money laundering case has increased to $2.2 billion, with addition of 55 properties & 15 vehicles seized, and 2 more Cambodian suspects Su Yongcan & Wang Huoqiang had been issued warrants of arrests and Interpol Red Notices. The suspect Su Yongcan has $108 million (S$145 million) in bank accounts and is the owner of $19 million (S$26 million) Penthouse at South Beach Residences. Another 189 luxury bags, 34 pieces of jewellery and 5 luxury watches had also been seized or issued with prohibition orders. In December 2023 – OCBC bank filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
Singapore $2.2 Billion Money Laundering – Vang Shuiming Received 11 New Charges for Forged Financial Statements to Singapore Brokerage UOB Kay Hian, Singapore Authorities Seized $449,000 Assets Held in UOB Kay Hian
2nd February 2024 – Singapore $2.2 Billion Money Laundering – Vang Shuiming had received 11 new charges for providing forged financial statements to Singapore brokerage UOB Kay Hian (Xiamen Likanghang Trading, Xiamen Yetian Trading & Xiamen Mingxin Guarantee). Singapore authorities had also seized $449,000 assets ($600,000) held in UOB Kay Hian. In January 2024, Singapore Accounting & Corporate Regulatory Authority (ACRA) cancelled registrations of LW Business Consultancy & Director Wang Junjie on 18th January 2024, with Wang Junjie holding directorships, secretarial & shareholder roles in 185 firms. The registrations were cancelled for breaching money laundering, financing terrorism, customer due diligence and beneficial ownerships. (See below for official notice) In January 2024, the total assets seized for the Singapore money laundering case has increased to $2.2 billion, with addition of 55 properties & 15 vehicles seized, and 2 more Cambodian suspects Su Yongcan & Wang Huoqiang had been issued warrants of arrests and Interpol Red Notices. The suspect Su Yongcan has $108 million (S$145 million) in bank accounts and is the owner of $19 million (S$26 million) Penthouse at South Beach Residences. Another 189 luxury bags, 34 pieces of jewellery and 5 luxury watches had also been seized or issued with prohibition orders. In December 2023 – OCBC bank filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
Singapore $2.2 Billion Money Laundering – Accounting & Corporate Regulatory Authority ACRA Cancels Registrations of LW Business Consultancy & Director Wang Junjie on 18th January 2024, Wang Junjie Held Directorships, Secretarial & Shareholder Roles in 185 Firms
26th January 2024 – Singapore $2.2 Billion Money Laundering – The Singapore Accounting & Corporate Regulatory Authority (ACRA) has cancelled registrations of LW Business Consultancy & Director Wang Junjie on 18th January 2024, with Wang Junjie holding directorships, secretarial & shareholder roles in 185 firms. The registrations were cancelled for breaching money laundering, financing terrorism, customer due diligence and beneficial ownerships. (See below for official notice) In January 2024, the total assets seized for the Singapore money laundering case has increased to $2.2 billion, with addition of 55 properties & 15 vehicles seized, and 2 more Cambodian suspects Su Yongcan & Wang Huoqiang had been issued warrants of arrests and Interpol Red Notices. The suspect Su Yongcan has $108 million (S$145 million) in bank accounts and is the owner of $19 million (S$26 million) Penthouse at South Beach Residences. Another 189 luxury bags, 34 pieces of jewellery and 5 luxury watches had also been seized or issued with prohibition orders. In December 2023 – OCBC bank filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
ACRA (19/1/24): The Accounting and Corporate Regulatory Authority (ACRA) cancelled the registrations of filing agent (RFA) LW Business Consultancy Pte Ltd (LWBC) and qualified individual (RQI) Wang Junjie (Wang) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”). The AML/CFT breaches committed by LWBC include: (a) failing to perform additional customer due diligence measures when a customer is not physically present during onboarding; (b) not inquiring if there exists any beneficial owner in relation to some of its customers; and (c) failing to perform risk assessments in relation to some of its customers.
- 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’s investigations into LWBC and Wang are part of ACRA’s ongoing investigations into the role played by RFAs and RQIs involved in one of Singapore’s largest AML operations. As there are ongoing investigations related to this matter, we are unable to share more details.
Obligations of RQIs and RFAs
- RQIs and RFAs provide corporate secretarial services for business entities, such as 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 are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.
- RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled. ACRA has planned additional measures such as enhancing the penalties on errant service providers, to strengthen the effectiveness of our anti-money laundering regime. The proposals had undergone public consultation earlier, and we are working with the Ministry of Finance to table them in Parliament in the coming months.
- RQIs and RFAs play an important role in helping to detect and combat illicit activities. ACRA takes a serious view of any breach of AML/CFT regulations and will not hesitate to take firm enforcement action against non-compliant service providers. Between 2021 and 2023, ACRA had cancelled or suspended the registrations of 17 RQIs and RFAs.
- Anyone who has reason to believe that a RQI or a RFA is suspected to have breached his or her statutory obligations should report the matter to ACRA.
Singapore $2.2 Billion Money Laundering – Total Assets Seized Increased to $2.2 Billion, Addition of 55 Properties & 15 Vehicles Seized, 2 More Cambodian Suspects Su Yongcan & Wang Huoqiang Issued Warrants of Arrests, Su Yongcan with $108 Million in Bank Accounts & is Owner of $19 Million Penthouse at South Beach Residences
26th January 2024 – Singapore $2.2 Billion Money Laundering – Total assets seized has increased to $2.2 billion, with addition of 55 properties & 15 vehicles seized, and 2 more Cambodian suspects Su Yongcan & Wang Huoqiang had been issued warrants of arrests and Interpol Red Notices. The suspect Su Yongcan has $108 million (S$145 million) in bank accounts and is the owner of $19 million (S$26 million) Penthouse at South Beach Residences. Another 189 luxury bags, 34 pieces of jewellery and 5 luxury watches had also been seized or issued with prohibition orders. In December 2023 – OCBC bank filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
Singapore $2 Billion Money Laundering – OCBC Files Lawsuit to Seize Property & to Recover $14.7 Million Housing Loan & $165,000 in Credit Card Debt from Cambodian & China-Born Suspect Su Baolin
1st December 2023 – Singapore $2 Billion Money Laundering – OCBC bank has filed a lawsuit to seize a property to recover $14.7 million (S$19.7 million) housing loan and $165,000 (S$220,570) in credit card debt from Cambodian & China-born suspect Su Baolin (involved in Singapore $2 billion money laundering). Earlier in November 2023, DBS CEO Piyush Gupta reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2 billion (S$2.8 billion), including 152 properties, 62 vehicles, $1.06 billion cash, $55 million cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches & 546 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
Singapore $2 Billion Money Laundering – DBS with $73 Million Exposure with Majority in Property Financing to 1 Arrested Suspect, Earmarked $145 Million Provisional Losses for Q3 2023 Including for the $73 Million Money Laundering Property Financing Exposure
9th November 2023 – Singapore $2 Billion Money Laundering – DBS CEO Piyush Gupta has reported DBS Bank with $73 million (S$100 million) exposure to the $2 billion money laundering case with majority in property financing to 1 arrested suspect, and earmarked $145 million provisional losses for Q3 2023 including for the $73 million Singapore money laundering property financing exposure. Earlier in October 2023, arrested Vang Shuiming was reported with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2 billion (S$2.8 billion), including 152 properties, 62 vehicles, $1.06 billion cash, $55 million cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches & 546 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below:
Singapore $2 Billion Money Laundering – Arrested Vang Shuiming with $93 Million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 Million in UBS, ICBC & Bank of China
21st October 2023 – Singapore $2 Billion Money Laundering – Arrested Vang Shuiming with $93 million in Credit Suisse, Julius Baer, RHB Bank & UOB Bank and Wang Dehai with $7 million in UBS, ICBC & Bank of China. Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, UBS, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB, RHB, ICBC & Bank of China. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2 billion (S$2.8 billion), including 152 properties, 62 vehicles, $1.06 billion cash, $55 million cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches & 546 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below –
Singapore Central Bank MAS to Conduct On-Site Inspection of Credit Suisse in Singapore $2 Billion Money-Laundering Case with $67 Million at Credit Suisse Belonging to Arrested Vang Shuiming, $24 Million at Julius Baer, $1.8 Million at RHB Bank & $436,000 at UOB Bank
21st October 2023 – Singapore central bank Monetary Authority of Singapore (MAS) will be conducting on-site inspection of Credit Suisse in Singapore $2 billion money-laundering case with $67 million at Credit Suisse belonging to arrested Vang Shuiming, $24 million at Julius Baer, $1.8 million at RHB Bank and $436,000 at UOB Bank. More than 10 banks had been named Including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB. Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2 billion (S$2.8 billion), including 152 properties, 62 vehicles, $1.06 billion cash, $55 million cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches & 546 pieces of jewellry. 10 foreigners who had been arrested are originally from China. More info below –
Singapore $2 Billion Money Laundering – Source of Money from Illegal Online Gambling & Money Lending, Total Assets Seized Increased to $2 Billion, 152 Properties, 62 Vehicles, $1.06 Billion Cash, $55 Million Cryptocurrencies, 68 Gold Bars, 294 Luxury Bags, 164 Luxury Watches & 546 Pieces of Jewellry, 10 Foreigners Arrested Who are Originally from China and More than 10 Banks Named Including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB
6th October 2023 – Singapore Money Laundering – Source of money from illegal online gambling & money lending, total assets seized increased to $2 billion (S$2.8 billion), including 152 properties, 62 vehicles, $1.06 billion cash, $55 million cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches & 546 pieces of jewellry. 10 foreigners who had been arrested are originally from China and more than 10 banks had been named including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB. Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. On 3rd October 2023, Singapore issued a Ministerial Statement on Singapore’s Anti-Money Laundering Regime – Speech by Mrs Josephine Teo, Minister for Communications and Information & Second Minister for Home Affairs. Read the full speech here
Singapore Money Laundering Total Assets Seized Increased to Over $1.75 Billion from $736 Million, 10 Foreigners Arrested Who are Originally from China and More than 10 Banks Named Including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB
22nd September 2023 – Singapore money laundering total assets seized had increased to over $1.75 billion ($2.4 billion) from $736 million (15/8/23), with 10 foreigners arrested who are originally from China and more than 10 banks named including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB. The $1.75 billion assets seized include S$1.12 billion in bank accounts, S$76 million in cash, S$1.24 billion from 110 properties & 62 vehicles, S$38 million of cryptocurrencies, 68 gold bars, 294 luxury bags, 164 luxury watches, and 546 jewellery pieces. Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million(S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below:
Singapore MAS Issues Notice to Banking Compliance Heads to Examine Individuals Linked to Singapore $736 Million Money Laundering by 10 Foreigners Originally from China, Total of $1.3 Billion Assets Seized with More than 10 Banks Named Including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB
9th September 2023 – Singapore central bank Monetary Authority of Singapore (MAS) had issued a notice (30/8/23) to banking Compliance Heads to examine individuals linked to Singapore $736 million money laundering by 10 foreigners originally from China with a total of $1.3 billion ($1.8 billion) assets seized. Singapore police had seized $91 million (S$125 million) of assets in Credit Suisse and Julius Baer (private banks). More than 10 banks had been named including Credit Suisse, Citibank, Standard Chartered, Deutsche Bank, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, CIMB & RHB. Vang Shuiming (Turkey, originally from China) has private bank accounts with Credit Suisse & Julius Baer, and hold assets of $91 million (S$125 million) with Credit Suisse ($67 million) Julius Baer ($33 million). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million(S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below.
Singapore Police Seized $91 Million in Credit Suisse & Julius Baer Private Banks in Singapore $736 Million Money Laundering by 10 Foreigners Originally from China, Total of $1.3 Billion Assets Seized with More than 10 Banks Named Including DBS, OCBC, UOB, Bank of Singapore, Citibank, Standard Chartered, Deutsche Bank, CIMB & RHB
7th September 2023 – The Singapore police had seized $91 million (S$125 million) of assets in Credit Suisse and Julius Baer (private banks) in the Singapore $736 million money laundering by 10 foreigners originally from China, with a total of $1.3 billion (S$1.8 billion) assets seized with more than 10 banks named including Credit Suisse, Julius Baer, DBS, OCBC, UOB, Bank of Singapore, Citibank, Standard Chartered, Deutsche Bank, CIMB, and RHB. Vang Shuiming (Turkey, originally from China) has private bank accounts with Credit Suisse & Julius Baer, and hold assets of $91 million (S$125 million) with Credit Suisse ($67 million) Julius Baer ($33 million). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million(S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below.
DBS, OCBC, UOB, Bank of Singapore, Citibank, Standard Chartered, Deutsche Bank, CIMB, RHB, Named in Singapore $736 Million Money Laundering by 10 Foreigners Originally from China
31st August 2023 – More than 10 banks in Singapore including DBS, OCBC, UOB, Bank of Singapore, Citibank, Standard Chartered, Deutsche Bank, CIMB, RHB and safe deposit boxes by Certis Cisco Security had been named in the Singapore $736 million money laundering case by 10 foreigners originally from China. Singapore largest bank DBS Bank registered charges (2021 August) on asset to secure loan to Aiqinhai Investment (Su Haijin, Director) and Bank of Singapore (OCBC private banking subsidiary) registered a charge on asset (2022 January) to secure loans to Xinbao Investment Holdings (Su Baolin, Director). Deutsche Bank had been named as a lender (creditor) joining Citibank & CIMB Bank in Singapore being used in the $736 million money laundering by 10 foreigners originally from China, with Deutsche Bank placing a charge on Golden Eagle Assets for loan facilities in 2023 May (Directors of Golden Eagle Assets – Zhang Ruijin & Lin Baoying). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below.
More than 10 Banks in Singapore Including Citibank, CIMB Bank & Deutsche Bank Named in Singapore $736 Million Money Laundering by 10 Foreigners Originally from China
25th August 2023 – More than 10 banks in Singapore including Citibank, CIMB Bank & Deutsche Bank had been named in the Singapore $736 million money laundering case by 10 foreigners originally from China. Deutsche Bank had been named as a lender (creditor) joining Citibank & CIMB Bank in Singapore being used in the $736 million money laundering by 10 foreigners originally from China, with Deutsche Bank placing a charge on Golden Eagle Assets for loan facilities in 2023 May (Directors of Golden Eagle Assets – Zhang Ruijin & Lin Baoying). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. More info below.
Deutsche Bank Named as Lender Joining Citibank & CIMB Bank in Singapore Used in $736 Million Money Laundering by 10 Foreigners Originally from China, Deutsche Bank Placed Charge on Golden Eagle Assets for Loan Facilities in 2023 May
24th August 2023 – Deutsche Bank had been named as a lender (creditor) joining Citibank & CIMB Bank in Singapore being used in the $736 million money laundering by 10 foreigners originally from China, with Deutsche Bank placing a charge on Golden Eagle Assets for loan facilities in 2023 May (Directors of Golden Eagle Assets – Zhang Ruijin & Lin Baoying). Earlier in August 2023, the Singapore Police Force had arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The prohibition orders issued on 94 properties, had also been increased to 105 units valued at total of $611 million ($831 million). The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. The 10 foreigners (Age 31 to 44), live or had lived in luxury apartments and good class bungalow (GCB) in Singapore, with facilities including golf simulator, movie & karaoke room, and restaurant-styled hotpot holders for steamboat. The 10 foreigners arrested originally from China (Fujian), hold citizenships in China, Turkey, Cyprus, Cambodia and Ni-Vanuatu (Located east of Australia, west of Fiji). The 10 foreigners are Su Haijin, Su Baolin, Zhang Ruijin, Lin Baoying, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Wang Dehai and Vang Shuiming. They are shareholders or directors of companies including Eagle77, Sg-Gree, Golden Eagle Family Office, Ban Tian Yao Catering Management, Ricco, HiCloud Technology & Zhuo Chi Technology. More info below.
Singapore Arrested 10 Foreigners Originally from China for $736 Million Money Laundering Offences, Prohibition Orders on Properties Increased from 94 Units to 105 Units Valued at Total of $611 Million
18th August 2023 – The Singapore Police Force which has arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, has increased to 105 units valued at total of $611 million ($831 million). 50 cars including Rolls-Royce & Ferrari were seized, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. More info below.
Singapore Arrests 10 Foreigners Originally from China for $736 Million Money Laundering Offences with Prohibition Orders on 94 Properties, 50 Cars Including Rolls-Royce & Ferrari, 35 Bank Accounts with $81 Million Including Citibank & CIMB Bank Used, $17 Million in Cash
18th August 2023 – The Singapore Police Force has arrested 10 foreigners originally from China for suspected $736 million (S$1 billion) money laundering offences with prohibition orders issued on 94 properties, 50 cars including Rolls-Royce & Ferrari, and uncovered 35 bank accounts with $81 million (S$110 million) including Citibank & CIMB bank used, and $17 million (S$23 million) in cash. The Singapore police raids were conducted on 15th August 2023 (Tuesday) by more than 400 officers. The 10 foreigners (Age 31 to 44), live or had lived in luxury apartments and good class bungalow (GCB) in Singapore, with facilities including golf simulator, movie & karaoke room, and restaurant-styled hotpot holders for steamboat. The 10 foreigners arrested originally from China (Fujian), hold citizenships in China, Turkey, Cyprus, Cambodia and Ni-Vanuatu (Located east of Australia, west of Fiji). The 10 foreigners are Su Haijin, Su Baolin, Zhang Ruijin, Lin Baoying, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Wang Dehai and Vang Shuiming. They are shareholders or directors of companies including Eagle77, Sg-Gree, Golden Eagle Family Office, Ban Tian Yao Catering Management, Ricco, HiCloud Technology & Zhuo Chi Technology. See below for full statement by Singapore Police Force.
Director of the Commercial Affairs Department, Mr. David Chew:“We take the most serious stance against criminals laundering their criminal proceeds through our financial system. We will continue to work with law enforcement agencies and Financial Intelligence Units to detect, deter, and prevent Singapore from hosting such criminal elements. We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities. Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws.”
Money-Laundering Offence – If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to S$500,000, or both. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.
Forged Document Offence – The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.
Singapore Arrests 10 Foreigners Originally from China for $736 Million Money Laundering Offences
10 Foreigners Arrested:
- Su Haijin
- Su Baolin
- Zhang Ruijin
- Lin Baoying
- Su Jianfeng
- Chen Qingyuan
- Su Wenqiang
- Wang Baosen
- Wang Dehai
- Vang Shuiming
Companies (Shareholder / Director)
- Eagle77
- Sg-Gree
- Golden Eagle Family Office
- Ban Tian Yao Catering Management
- Ricco
- HiCloud Technology
- Zhuo Chi Technology
Singapore Police Force Statement
16th August 2023 – The Police have arrested ten persons, aged between 31 and 44, for their suspected involvement in offences of forgery and/or, money laundering, and resistance to lawful apprehension. Twelve other persons are assisting with investigations and eight other persons are currently wanted by the Police. These persons are believed to have connections amongst themselves. All the persons involved are neither Singapore Citizens nor Permanent Residents.
The Police received information of possible illicit activities including the use of suspected forged documents that were used to substantiate the source of funds in Singapore bank accounts. Through extensive investigations and follow-up from intelligence – including the analysis of Suspicious Transaction Reports (STRs) – the Police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.
On 15 August 2023, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide, including residences such as Good Class Bungalows (GCB) and condominiums, leading to the arrest of the ten persons.
Prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine. The Police also seized more than 35 related bank accounts with a total estimated balance of more than S$110 million for investigations and to prevent dissipation of suspected criminal proceeds. Cash, including foreign currencies, amounting to more than S$23 million, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelleries, two gold bars, and 11 documents with information on virtual assets.
All ten persons will be charged in court on 16 August 2023. The case facts are as follows:
- A 40-year-old male Cypriot national was arrested at his residence at a GCB along Ewart Park. He was also found in possession of other foreign passports believed to be issued by the People’s Republic of China (PRC) and Cambodia. During the arrest, when the Police identified themselves to the man outside his bedroom and ordered him to open the door, the man allegedly jumped out of the second-floor balcony of the GCB and was found by the Police to be hiding in a drain. He was conveyed conscious to the hospital as he sustained injuries arising from the jump. The Police seized cash of more than S$2.1 million and other foreign currencies, and issued prohibition of disposal orders for 13 properties and five vehicles with an estimated value of more than S$118 million, as well as multiple ornaments and bottles of liquor and wine. The Police also froze four related bank accounts with a total balance of more than S$6.7 million. The man will be charged with one count of resistance to lawful apprehension under Section 225B of the Penal Code. One other person is assisting with investigations.
- A 42-year-old male Turkish national was arrested at his residence at a GCB along Bishopsgate. He was also found in possession of a foreign passport believed to be issued by PRC and Vanuatu. The Police seized close to S$720,000 in cash and other foreign currencies, one electronic device, 36 luxury watches and bags, and issued prohibition of disposal orders for four properties and three vehicles with an estimated value of more than S$29 million, as well as multiple bottles of liquor and wine. The Police also froze two related bank accounts with a total balance of more than S$1.18 million and other foreign currencies. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.
- A 44-year-old male PRC national and a 43-year-old female PRC national were arrested at their residence at a bungalow along Pearl Island at Sentosa Cove. The man was also found in possession of a foreign passport believed to be issued by St Kitts and Nevis and the woman was found with other foreign passports believed to be issued by the Dominican Republic and Turkey. The Police seized cash of more than S$7.6 million and other foreign currencies, and issued prohibition of disposal orders for nine properties and five vehicles with an estimated value of more than S$106 million. The Police also froze a related bank account with a total balance of more than S$22 million and other foreign currencies. The man and woman will each be charged with one count of forgery for the purpose of cheating under Section 468 of the Penal Code.
- A 41-year-old male Cambodian national was arrested at his residence at a GCB along Nassim Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$777,000 and other foreign currencies, 11 electronic devices, 33 luxury bags and watches, 75 pieces of jewelleries, and issued prohibition of disposal orders for seven properties and six vehicles with an estimated value of more than S$76 million. The Police also froze three related bank accounts with a total balance of more than S$2.4 million. The man will be charged with one count of using a forged document under Section 471 punishable under Section 465 of the Penal Code. One other person is assisting with investigations.
- A 35-year-old male Ni-Vanuatu national was arrested at his residence at a GCB along Third Avenue. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized more than S$1.4 million in cash and other foreign currencies, 95 pieces of jewelleries, 69 luxury bags and watches, 22 electronic devices, two gold bars, and issued prohibition of disposal orders for 13 properties and four vehicles with an estimated value of more than S$120 million. The Police also froze six related bank accounts with a total balance of more than S$20 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). One other person is assisting with investigations.
- A 33-year-old male Cambodian national was arrested at his residence at a condominium along Leonie Hill Road. He was also found in possession of other foreign passports believed to be issued by PRC and the Dominican Republic. The Police seized cash of close to S$600,000 and other foreign currencies, 23 pieces of jewelleries, six luxury watches, 11 documents with information on virtual assets, and 12 electronic devices, and issued prohibition of disposal orders for one property and three vehicles with an estimated value of more than S$12.6 million. The Police also froze two related bank accounts with a total balance of more than S$28,000 and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 34-year-old male Cypriot national was arrested at his residence at a condominium along Paterson Hill. He was also found in possession of other foreign passports believed to be issued by PRC and Cambodia. The Police seized cash of more than S$2.2 million, 11 electronic devices, 35 luxury watches and bags, 51 pieces of jewelleries, and issued prohibition of disposal orders for one property and two vehicles with an estimated value of more than S$23 million. The Police also froze five related bank accounts with a total balance of more than S$1.7 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 31-year-old male PRC national was arrested at his residence at a condominium along Tomlinson Road. He was also found in possession of a foreign passport believed to be issued by Vanuatu. The Police seized cash of close to S$112,000 and other foreign currencies and three electronic devices, and issued probation of disposal order for one vehicle with an estimated value of more than $300,000. The man will be charged with money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- A 31-year-old male Cambodian national was arrested at his residence at a GCB along Lewis Road. He was also found in possession of a foreign passport believed to be issued by PRC. The Police seized cash of more than S$600,000 and other foreign currencies, 11 electronic devices, 16 luxury bags and watches, 11 pieces of jewelleries, and issued prohibition of disposal orders for two vehicles with an estimated value of more than S$580,000, as well as multiple bottles of liquor and wine. The Police also froze eight related bank accounts with a total balance of more than S$10 million and other foreign currencies. The man will be charged with one count of money laundering under Section 54(1)(c) punishable under Section 54(5)(a) of the CDSA. One other person is assisting with investigations.
- Four other persons are assisting with Police investigations. The Police seized cash of more than S$6.7 million and other foreign currencies, 60 luxury bags and watches, more than 20 pieces of jewelleries, more than 50 electronic devices and issued prohibition of disposal orders for 29 properties and 15 vehicles with an estimated value of more than S$227 million. The Police also froze one bank account with a total balance of more than S$2.8 million.
- Eight other persons are currently wanted by the Police.
Police investigations are ongoing. More assets may be seized, bank accounts frozen, or prohibition of disposal orders issued, in the course of investigation.
If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to $500,000, or both. The offence of forgery for the purpose of cheating under Section 468 of the Penal Code 1871 is punishable with imprisonment of up to 10 years and the offender shall also be liable to a fine.
The offence of using a forged document under Section 471 punishable under Section 465 of the Penal Code is punishable with imprisonment of up to four years, or fine, or both. The offence of resistance to lawful apprehension under Section 225B of the Penal Code is punishable with imprisonment of up to one year, or fine, or both.
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