Singapore Proposes Bill Requiring Real Estate Industry & Agents to Conduct Due Diligence on Money Laundering, Proliferation & Terrorism Financing
8th March 2025 | Hong Kong
Singapore is proposing amendments to Bill requiring the real estate industry & agents to conduct due diligence on money laundering, proliferation & terrorism financing. The Act will amend the Estate Agents Act 2010, the Housing Developers (Control and Licensing) Act 1965, and the Sale of Commercial Properties Act 1979 (View Bill). Singapore $2.2 Billion Money Laundering – In 2025 February, Turkey citizen Vang Shuiming had been arrested in Montenegro (Country in Southeast Europe; Terrafom Labs co-founder Do Kwon extradited from Montenegro in 2024 to the United States) for operating illegal online gambling platforms. In 2024 June, Vang Shuiming was deported from Singapore to Japan after 13 months jail sentence in Singapore, and was reported to be holding passports from Turkey, Vanuatu & Cambodia. In 2025 January, Singapore citizen & ex-Director of corporate service provider LW Business Consultancy Wang Junjie has been charged for 15 offences including for conspiring with Su Haijin & Su Baolin, forging contracts, falsifying accounts on revenue, gross profit & trade receivables, and failure to discharge duties as Director of Yihao Cyber Technologies & Xinbao Investment. In 2024 December, the ex-Citibank Relationship Manager at Citigold Private Client Wang Qiming (Age 27) intends to plead guilty for money laundering & forgery. His clients include Su Baolin & Vang Shuiming, and had abetted them to provide false loan agreements for source of funds verification to Standard Chartered Bank & Citibank. Wang Qiming had also deleted Whatsapp communication on his mobile phone on 12th October 2021, lied on losing his passport which was surrendered to the Singapore Police Force. He had S$481,678 in cash, and employment with Citibank was terminated in 2022. In 2024 August, The 2 bankers charged are 1) Julius Baer Private Banker Kelvin Liu Kai (Age 29), who had joined Julius Baer in 2019 and was previously with Goldmans Sachs & Credit Suisse, 2) Citibank Wang Qiming (Age 26) Relationship Manager at Citigold Private Client, and had graduated from University of Melbourne in 2019 (Bachelor of Commerce) & Nanyang Technology University in 2020 (Masters of Science in Financial Technology). In 2024 August, 2 Singapore bankers & 1 driver had been charged, with ex-Citibank relationship manager Wang Qiming charged with 10 counts, Julius Baer Private Banker Liu Kai charged, and driver Liew Yi Kit who was in possession of 4 luxury cars (2 Rolls-Royce & 2 Ferrari) charged. In 2024 June, Private Bankers have been reported to have received kickbacks ranging from 30% to 50% of property commission from property agents. The Singapore Council for Estate Agencies (CEA) is currently investigating property agents for property transactions related to the Singapore $2.2 billion moneylaundering case. Private Banks & banks are holding $274 million (S$372 million), Credit Suisse $58 million (S$79.6 million), Citi $58 million (S$79.3 million), UOB $30 million (S$41.6 million), OCBC & Bank of Singapore $28 million (S$38.6 million), DBS $21 million (S$29 million), and $76 million (S$103 million) held in more banks including Julius Baer, Deutsche Bank, Standard Chartered Bank, Maybank, CIMB Bank, RHB, ICBC & Bank of China. Source of money from illegal online gambling & money lending, with total assets seized increased to $2.2 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 sentenced are originally from China. 10 individuals involved in Singapore $2.2 billion money laundering had been sentenced to jail while 17 have escaped and have not been arrested. Su Wenqiang, Wang Baosen, Su Baolin, Su Haijin, Chen Qingyuan, Zhang Ruijin, Lin Baoying and Su Jianfeng had been deported to Cambodia, Vang Shuiming deported to Japan, and Wang Dehai deported to UK.
“ Singapore Proposes Bill Requiring Real Estate Industry & Agents to Conduct Due Diligence on Money Laundering, Proliferation & Terrorism Financing “
Singapore Proposes Bill Requiring Real Estate Industry & Agents to Conduct Due Diligence on Money Laundering, Proliferation & Terrorism Financing
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