The 10 foreigners Singapore police arrested last week in a billion-dollar money-laundering case were reported at the time to be citizens from a range of countries including China, Vanuatu, Cyprus, Türkiye and Cambodia.
However, all also had passports believed to have been issued by various other countries.
So where were these alleged money launderers really from and how might they have obtained all those passports?
What were the raids about?
Police said 400 officers fanned out across the city state last Tuesday, August 15, and launched simultaneous raids on residences at least nine locations, netting assets totalling $S1 billion ($1.15 billion).
These included 94 properties, bank accounts with $S110 million, 50 vehicles, cash amounting to more than $S23 million, hundreds of luxury handbags and watches, fistfuls of jewellery and two gold bars.
The foreigners arrested were aged between 31 and 44, including a 40-year-old Cypriot national who jumped out of the second-floor balcony of his bungalow and was found hiding in a drain.
Twelve more were "assisting with investigations" and eight are still wanted, police said.
A police statement said the group was suspected to be laundering proceeds from overseas organised crime, including "scams and online gambling" and were charged with offences including money laundering, forgery and resisting arrest.
Some were found with one or even two extra passports for different countries.
David Chew, director of commercial affairs at the police force, said Singapore had "zero tolerance" for being used as a safe haven for criminals or their families and for banking facilities to be abused.
"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," he said.
Isn't Singapore supposed to be 'squeaky clean'?
Transparency International Australia chief executive Clancy Moore told the ABC that despite Singapore's reputation for strict enforcement of the law, it was actually an attractive place to set up shop for money launderers.
"Singapore offers criminals, crooks and kleptocrats one of the world's top secrecy jurisdictions to stash their illicit finances and proceeds from crime," Mr Moore said.
"It's home to many regional banking institutions, has a very low corporate tax and people can create company structures with a click of a mouse.
"For example, we know that many organised crime gangs and authoritarian regimes like the Myanmar junta use Singapore as their financial hub to clean their dirty money."
Where were the suspects originally from?
Among the nine men and one woman arrested were three citizens of China, three of Cambodia, one of Vanuatu, one of Türkiye and two of Cyprus.
However, in the days following the raids it emerged that all were originally from China's Fujian province.
Among the items seized were extra passports for the suspects — in addition to their nominal citizenship — that police believed were issued by countries including Vanuatu, Saint Kitts and Nevis, Cambodia and Dominica.
Many countries have pathways to citizenship through investment, though some pathways are much shorter than others.
Countries that still have fast-track schemes taking just months include Türkiye, Saint Kitts and Nevis and Dominica.
The EU last year suspended Vanuatu's visa waiver agreement over its lucrative "golden passport" scheme amid concerns it lacked due diligence and could pose security and money-laundering risks.
The scheme, which accounted for about a third of Vanuatu's government revenue in 2020, allowed people to buy citizenship for $US130,000.
Cyprus cancelled its Citizenship by Investment Program in 2020 following an Al Jazeera investigation into its use by criminals.
In the wake of the Singapore police operation, Cypriot MP Irene Charalambidou asked for a full briefing from the interior ministry, the Cyprus Mail reported.
"The international stigmatisation of our country as a result of the abuse behind the golden passports should be immediately managed by the competent minister, so their passports are revoked," she said.
The Phnom Penh Post reported that three of the suspects had received Cambodian citizenship through naturalisation in 2018 and 2019.
Why might the suspects have extra passports?
Mr Moore said obtaining additional citizenships was useful for money launderers.
"Citizenship makes it easier for money launderers to set-up company structures and buy property and invest in a new country so as to avoid detection and regulation," he said.
"Many countries set up golden visa and passport schemes to attract investment and business.
"Over the last decade, corrupt public officials and business people have bought up golden passports and visas, helping to conceal their assets and identities."
Mr Moore said scandals had demonstrated that these opaque schemes were not about genuine investment or migration.
"Since the invasion in Ukraine, Russians are making up a majority of people who have acquired citizenship using this route," he said.
"Transparency International Australia has argued for years that fast-track investment migration schemes are riddled with corruption risks and enable money laundering.
"In Australia and parts of Europe, controversial golden visa programs have been scrapped in recent years due to concerns with rorting, risks of money laundering and general integrity of the schemes."
ABC/Reuters
https://gutzy.asia/2024/05/10/leong-mun-wai-jail-terms-for-5-in-s3b-money-laundering-case-not-severe-enough/
15 months' jail for fifth person linked to Singapore's largest money laundering case, longest jail term so far
SINGAPORE — A 45-year-old man linked to Singapore’s largest money laundering case was sentenced to 15 months' jail on Tuesday (April 30).
He is the fifth of 10 accused persons to be dealt with in relation to the case.
Zhang Ruijin pleaded guilty on Tuesday to two counts of forgery-related offences and one of failing to satisfactorily account for property reasonably suspected to be benefits from criminal conduct.
Another five similar charges were taken into consideration for his sentencing.
Zhang, a Chinese national, was initially charged with three counts of forgery-related offences and last Friday was handed five additional charges involving forgery and his inability to account for about S$36 million that flowed into his bank accounts.
Zhang's 15-month jail term — to be backdated by about eight months to the date of his arrest last August — is the harshest meted out so far in relation to the S$3 billion case.
The four others dealt with before him were handed between 13 and 14 months' jail each.
WHAT HAPPENED
The court heard that Zhang was one of 10 individuals arrested during an islandwide raid on Aug 15, 2023 as part of the authorities’ crackdown on suspected money laundering activities.
Over S$131 million worth of assets comprising cash, cryptocurrency and vehicles, among others, were seized from Zhang.
The court heard that between July and October 2020, deposits amounting to HK$138,179,100 (S$24 million) were made into Zhang’s CIMB account in Singapore.
When the bank asked the accused to explain the source of the monies and provide documentary support, Zhang claimed that the funds came from him selling a property in Macau.
He later submitted a document dated June 20, 2020 purportedly showing the sale.
Prosecutors said Zhang knew this was a forged document because he did not own such a property to begin with, and that he had obtained the document from a person specifically to back up his claim to the bank.
He had similarly provided CIMB another forged document some time in August 2020.
This time, the document purportedly showed that he received a loan of HK$7.5 million, to account for a deposit of such an amount into his account.
Zhang failed to satisfactorily account for his possession of this sum, which is reasonably suspected to represent benefits of criminal conduct, at least indirectly or in part. This became the subject of the third charge against him.
'UNDERMINED CONFIDENCE' IN SINGAPORE BANKING SYSTEM
The prosecution sought a total sentence of between 14 and 16 months' jail for the offences.
They noted the transnational element in Zhang's offences, adding that there was some level of "sophistication" involved in the forgery-related charges, which were done to circumvent anti-money laundering measures.
Deputy Public Prosecutor Ryan Lim said: "Offences which affect the delivery of financial services or the integrity of the economic infrastructure do attract (a need for) general deterrence, and our submission is that this is precisely such a case".
The defence asked for a slightly lower sentence of not more than 14 months' jail.
Defence lawyer Eugene Thuraisingam cited as mitigating factors his client's guilty plea, his cooperation with the authorities and the voluntarily giving up of his assets.
He added that "all show that this is a man who is sorry for what he has done".
In sentencing, District Judge Ow Yong Tuck Leong said the court needs to send a strong signal that money laundering offences cannot be tolerated and will be dealt with severely.
More at https://www.todayonline.com/news/15-months-jail-fifth-person-linked-singapores-largest-money-laundering-case-longest-jail-term-so-far-2413821
$3b money laundering case: Man who jumped from bungalow balcony during raid gets 14 months’ jail
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.
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.
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.
A lot more at https://www.straitstimes.com/singapore/3b-money-laundering-case-man-who-jumped-off-bukit-timah-bungalow-balcony-during-raid-convicted
Money laundering case: Assets frozen exceed $3b; 2 more suspects sought
SINGAPORE - The assets seized in Singapore’s largest money laundering case that saw 10 foreigners arrested are now worth more than $3 billion.
The police said on Jan 19 that they have issued prohibition of disposal orders on another 55 properties and 15 vehicles.
An additional 189 luxury bags, 34 pieces of jewellery and five luxury watches were also seized.
This now brings the assets confiscated by the authorities to 207 properties, 77 vehicles, money in bank accounts amounting to more than $1.45 billion, and cash of various currencies worth more than $76 million.
Thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery have also been seized in total.
Separately, warrants of arrest and Interpol Red Notices have been issued against two more suspects – Cambodian nationals Su Yongcan, 33, and Wang Huoqiang, 29 – for money laundering offences.
A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
The police said the pair had left Singapore before arrests related to the case began on Aug 15, 2023.
Prosecutors said in October 2023 that Su Yongcan is the brother-in-law of Wang Dehai, one of the 10 accused.
In arguing against bail for Wang Dehai in October, the prosecutor said Su Yongcan and Wang Huoqiang – who is Wang Dehai’s cousin – were accomplices who might help him abscond.
The Straits Times reported on Aug 21, 2023, that Su Yongcan and Wang Huoqiang were said to be on the run from the Chinese authorities over illegal gambling activities in 2018.
On Jan 19, the police said Su Yongcan, who previously held a passport issued by the People’s Republic of China (PRC), had more than $16 million in cash and other foreign currencies seized from him.
The police also froze his bank accounts with a total balance of more than $145 million.
Prohibition of disposal orders for seven properties and 10 vehicles were also issued in relation to Su Yongcan.
In relation to Wang Huoqiang, who also previously held a passport issued by the PRC, the police seized about $188,000 in cash and other foreign currencies.
A prohibition of disposal order was issued for one vehicle.
His bank accounts, with a total balance of more than $5 million, were also frozen.
Those with information on Su Yongcan or Wang Huoqiang’s whereabouts should call the police hotline at 1800-255-0000.
On Aug 15, 2023, the police conducted a massive islandwide blitz led by the Commercial Affairs Department that involved more than 400 officers.
Nine men and one woman were arrested and charged the next day with various offences, including money laundering, forgery and resisting arrest.
Minister for Communications and Information and Second Minister for Home Affairs Josephine Teo said in a ministerial statement in October 2023 that the raid here was one of the largest anti-money laundering operations in the world.
In 2021, the authorities picked up several signals, including the use of suspected forged documents to support sources of funds in bank accounts here.
Some suspicious transaction reports were filed by financial institutions and other companies, and the police investigated these alerts.
In early 2022, the police launched an extensive intelligence probe that uncovered a web of people believed to be connected to one another, with some of them associated by familial ties.
The police quietly probed further to avoid alerting the suspects, and a decision was made to hold off any enforcement or overt investigative actions.
This was done so the police could develop as full a picture as possible of the suspects and their associates, their suspected criminal activities and their assets, before moving against them.
The 10 accused – Chen Qingyuan, 33; Lin Baoying, 44; Su Baolin, 42; Su Haijin, 40; Su Jianfeng, 35; Su Wenqiang, 31; Vang Shuiming, 43; Wang Baosen, 31; Wang Dehai, 34; and Zhang Ruijin, 45 – have all been denied bail.
https://www.straitstimes.com/singapore/assets-frozen-in-money-laundering-case-exceed-3b-55-more-properties-and-15-vehicles-seized
REALLY LAUGH DIE ME....
Actual photos of the members of the infamous Fujian gang have been published:
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-passports-shell-companies-affidavit-3857886
Billion-dollar money laundering case: President’s Challenge got S$350,000 in donations, ComChest received S$30,000
SINGAPORE: The President’s Challenge and Community Chest have collectively received donations of more than S$380,000 (US$279,000) from individuals with names similar to those who have been charged in the billion-dollar money laundering case.
Ten suspects were arrested in an islandwide anti-money laundering probe in August this year. The value of assets seized or frozen has since snowballed to over S$2.8 billion from the original S$1 billion.
Both charities did not name the suspects who had contributed the donations.
President’s Challenge has identified donations amounting to more than S$350,000 from individuals whose names are similar to those charged, the charity spokesperson said in a statement on Wednesday (Oct 11).
In a separate statement on Wednesday, Charmaine Leung, managing director of Community Chest, also said that the charity received S$30,000 in donations from people with similar names to suspects charged in court with money laundering offences.
Both charities said in their statements that they have filed police reports and suspicious transaction reports (STR).
They also said that donations that have been disbursed to benefiting agencies will not be affected.
Both charities added that they are working closely with the Commissioner of Charities to determine how to treat the donations.
Second Minister for Home Affairs Josephine Teo said in parliament on Oct 3 that some of the arrested individuals made donations to charities in Singapore.
She said then that some charities had decided on their own to ringfence these donations and others have made police reports and planned to surrender the money to the police.
"The Commissioner of Charities will issue an advisory to encourage all charities to review their donor records to ascertain whether they have received donations from the arrested individuals and entities linked to them, and file the requisite suspicious transaction reports."
This will also include advice to charities on how to handle the money, she added.
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-community-chest-presidents-challenge-charities-donations-3838286
Bertha Henson provides a summary of events thus far:
10 suspects in S$2.8b money laundering case not on Interpol list; other S'poreans, PRs being probed: Josephine Teo
SINGAPORE — The 10 people who have been arrested and charged in relation to a multi-billion dollar money laundering probe all hold either employment passes or dependent’s passes in Singapore, and none had been on Interpol’s list of Red Notices at the time of their application for these passes, Second Minister for Home Affairs Josephine Teo said on Tuesday (Oct 3).
Interpol, an international police body, issues Red Notices to ask law enforcement officials around the world to locate and provisionally arrest a person, pending extradition, surrender or similar legal action.
Mrs Teo, who is also Minister for Communication and Information, was delivering a ministerial statement in Parliament in response to questions from Members of Parliament (MPs), some of which related to how the 10 suspects had entered Singapore and obtained immigration passes.
The MPs' questions were largely focused on how Singapore scrutinises applications for these passes and how the Republic could step up checks on high-risk individuals, including those with criminal records or who are wanted in foreign jurisdictions, or who may have used false identities.
The 10 suspects, who are aged between 31 and 44, hold passports from various countries.
Investigations are ongoing into many more individuals, including Singaporeans, permanent residents and individuals on various types of immigration passes here, Mrs Teo told the House on Tuesday.
When the police first announced the arrest on Aug 15, they had said that another 12 people are assisting with investigations and eight others are currently wanted by the police.
Mrs Teo noted that one question raised by MPs was whether Singapore works with foreign governments to verify the information provided by applicants for immigration passes.
Where the agencies have suspicions, they do so, she said, but given the volume of applications, it is not possible to conduct verification checks for all applications.
No screening process is fool-proof, she added, saying that the Government will review how to tighten verification checks at various points.
"At the same time, we should be sensible. Most people are not illegal money launderers or criminals. If we make the rules too tight, then it is the vast majority of innocent applicants who will be unnecessarily penalised. The crooks will still try to find a way around the rules," she said.
"Our task is to minimise the risks, and increase our ability to catch these persons, without affecting the majority of proper, legal transactions."
The 10 people who have been charged have all been denied bail, with prosecutors saying that the suspects have high flight risks and could collude to contaminate evidence.
In her speech, Mrs Teo also updated Parliament on the latest details of the case, saying that the total value of assets seized or issued with prohibition of disposal orders by the police now stands at more than S$2.8 billion.
This is nearly three times the S$1 billion that was announced by the police when the case broke in August, before the police updated on Sept 20 that the amount had grown to more than S$2.4 billion.
FINANCIAL HUBS MORE VULNERABLE TO MONEY LAUNDERING
On Tuesday, Mrs Teo also made the point that it is Singapore’s status as a major financial hub that also makes it an attractive target to money launderers.
The finance sector contributes about 14 per cent of Singapore’s economy and employs about 200,000 people, making it an important industry here.
"When we open for business — and we have to be — criminals will also try to exploit the same economic openness and our strong reputation for rule of law, to launder their illicit funds, and create the appearance of legitimacy," she said.
Singapore handles massive volumes of transactions every day, she noted, and this sheer volume provides "easy camouflage" for illicit activities.
She outlined just how often suspicious transactions are flagged here as a result: The Suspicious Transaction Reporting Office, a body under the Singapore Police Force that focuses on financial intelligence, received an average of 43,000 suspicious transaction reports annually from 2020 to 2022, or more than 150 every working day.
Financial institutions filed 80 per cent of these reports.
In the same period, at least 240 people were convicted of money laundering offences, largely related to laundering domestic scam proceeds, and some S$1.2 billion worth of assets were seized.
“In fact, all major financial hubs, not just Singapore, are vulnerable,” Mrs Teo said. “The same characteristics that make them attractive as financial hubs also make them a target for money laundering.”
Mrs Teo pointed to two other major money laundering probes that Singapore undertook, which resulted in serious enforcement action:
One is the 1MDB case, which resulted in the seizure or prohibition of assets amounting to more than S$240 million, the conviction of four bankers, including one who was sentenced to more than four years of imprisonment and the shutting down of two private banks.
The other is the Wirecard case. Following a probe into irregularities in the German company's financial statements, which involved of Singapore-based individuals and entities, three banks and an insurer in Singapore were issued penalties amounting to S$3.8 million, seven individuals were charged and three of them have been convicted for offences including money laundering.
“These examples leave no doubt that Singapore takes money laundering seriously,” Mrs Teo said.
“When there is reasonable suspicion to investigate, we do not hesitate to do so. We do not turn a blind eye to any risks, when we become aware of them.”
She also noted that if no cases were to be reported, that is not necessarily a sign that there are no money laundering offences occurring in the system.
“We must also not fool ourselves into thinking that no news is good news,” she said. “Instead, we must have the capability to detect wrongdoings and when we do, have the resolve to act decisively and robustly.”
https://www.todayonline.com/singapore/10-suspects-s28b-money-laundering-case-not-interpol-list-other-sporeans-prs-being-probed-josephine-teo-2271966
Founder of Chinese gambling website linked to S’pore’s $2b money laundering case
SINGAPORE - A man who made millions offering illegal online gambling services to players in China is among a number of individuals who avoided arrest in Singapore during the Aug 15 anti-money laundering blitz.
Wang Bingang formed his group in 2012 when he was only 23 years old. In two short years, the young man from Anxi, Fujian, started churning out millions by running the Hongli International gambling site from the Philippines and Cambodia. Hongli means “great profits” in Mandarin.
Wang, now 34, was living in a good class bungalow in Rochalie Drive in Tanglin, which he rented with Wang Liyun, believed to be his wife, when Singapore police arrested 10 foreigners.
His family and helper continue to live at the address.
When The Straits Times (ST) visited the bungalow last Thursday, the metal gate of the two-storey house was wide open, revealing two Toyota Alphards and a Rolls-Royce in the front yard.
Their domestic helper, who has been working for the family for a year, insisted the couple are in Singapore, but were not at home at the time. But others said the pair, who would throw parties at the house every month or so, have not been seen for about a month.
Checks showed that in 2022, Wang Bingang signed up with Sentosa Golf Club, where foreigners have to pay about $950,000 to join as a member.
A Sept 12 notice at the club showed that he, along with five others linked to the investigation in Singapore, had been put on a defaulters’ list, which means he has not settled his accounts there.
He does not show up in business records, but Wang Liyun has interests in several businesses, including a bridal shop.
The pair are on a list of 34 names, which the Ministry of Law sent on Aug 27 to dealers of precious metals and stones to flag for suspicious transactions that may involve money laundering. The list includes the names of the 10 arrested here in the operation, including an individual who is said to be Wang Bingang’s relative.
Assets seized and frozen in the money laundering case here have swelled to $2.4 billion.
More at https://www.straitstimes.com/singapore/courts-crime/founder-of-chinese-gambling-website-linked-to-singapore-s-2b-money-laundering-case
Cash, assets seized and frozen in S’pore’s worst money laundering case now worth over $2.4b
SINGAPORE - The police have taken control of more than $2.4 billion worth of assets in Singapore’s worst money laundering case.
In an update on Wednesday, the police said they conducted more operations, after 10 foreign nationals were arrested in August for their alleged involvement in laundering the proceeds of their overseas organised crime activities.
These included scams and online gambling activities.
The police said that during these operations, additional assets were seized and issued with prohibition of disposal orders.
The police seized bank accounts with a total estimated value of more than $1.127 billion.
Cash, including foreign currencies, amounting to over $76 million was also seized.
Other confiscated items include 68 gold bars, 294 luxury bags, 164 luxury watches, 546 pieces of jewellery, cryptocurrencies worth more than $38 million, and 204 electronic devices such as computers and mobile phones.
Prohibition of disposal orders were also issued against more than 110 properties and 62 vehicles worth more than $1.242 billion, as well as bottles of liquor, wine and multiple ornaments.
The orders mean the accused cannot sell these items.
On Aug 15, the police conducted a massive islandwide blitz involving over 400 officers led by the Commercial Affairs Department, simultaneously hitting several good class bungalows and high-end condominiums across Singapore.
Nine men and one woman were arrested and charged the next day with various offences including money laundering, forgery and resisting arrest. Aged 31 to 44, they were originally from China and are now of various nationalities.
Since their arrests, they have appeared in court via video link several times.
The prosecution has argued against bail for the 10, citing a risk of contamination of evidence and collusion among them.
The Straits Times reported on Aug 28 that investigators were also looking at 24 people linked to the accused, with the police digging into assets they own and businesses they are involved in.
The Ministry of Law sent a notice on Aug 27 to dealers of precious metals and stones to check against their records for possible suspicious transactions by these 24 individuals.
In a subsequent hearing in court, the prosecution revealed the suspects included wives and relatives of the 10 accused.
https://www.straitstimes.com/singapore/courts-crime/cash-assets-seized-and-frozen-in-money-laundering-case-now-worth-over-24b-police
Parliamentary questions on S$1 billion money laundering case to be answered in October ministerial statement
SINGAPORE: Parliamentary questions on Monday (Sep 18) over the recent billion-dollar money laundering case will be addressed in a ministerial statement in October.
Minister of State for Home Affairs Sun Xueling said that many Members of Parliament have filed queries on the anti-money laundering operations conducted by police and on Singapore's anti-money laundering framework.
They cover a wide range of issues across several ministries, she said, adding that several MPs have also filed questions for the sittings on and after Sep 19.
The Home Affairs Ministry, together with various other ministries, will "respond to the queries comprehensively" in a ministerial statement in October, Ms Sun said.
More than 30 questions were filed by MPs on one of Singapore's biggest money laundering probes. Questions submitted include the magnitude of the assets seized despite Singapore's strict anti-money laundering measures and what more can be done to prevent such crimes.
Ten foreigners were arrested in August when the Singapore police raided multiple Good Class Bungalows and condominiums, among other locations, across the island.
About S$1 billion (US$736 million) in assets, including properties, vehicles, luxury goods and gold bars, were seized or frozen.
One of the suspects implicated in the probes was revealed to have financed the purchase of 10 units at luxury condominium Canninghill Piers and another at unit at Park Nova.
The High Court has also rejected all applications sought by Turkish national Vang Shuiming's lawyers' to have their client released on bail.
He currently faces five charges - one of using a forged document and four of possessing criminal benefits worth S$2.4 million from unlicensed moneylending in China.
https://www.channelnewsasia.com/singapore/mha-ministerial-statement-october-billion-dollar-money-laundering-case-parliament-sun-xueling-3778606
Sure, we totally "believe" you....