In Singapore’s vast billion-dollar money laundering case, two former bank relationship managers and a driver have been charged with aiding the culprits in handling illicit funds and covering up their tracks. The charges come after the original 10 offenders, who laundered illegal proceeds from Southeast Asian gambling centers into luxury goods and properties in Singapore, have served their sentences and been deported. They were sentenced to between 13 and 17 months in jail.
The New Charges
The newly charged individuals are bank relationship managers and Chinese nationals Wang Qiming, 26, and Liu Kai, 35, as well as Singaporean Liew Yik Kit, 41, who was the personal driver to wanted man Su Binghai. They will be charged in court on Aug 15, 2024 with various offences linked to one of the country’s largest money laundering cases. Two of them are former bank relationship managers who counted convicted criminals Su Baolin, Vang Shuiming and Lin Baoying among their clients.
Charges Against Wang Qiming
Wang Qiming faces 10 charges, including forgery, money laundering, and obstructing justice. As a former relationship manager, Wang allegedly held S$481,678 in laundered cash for one of the key figures, Su Baolin (report here), and forged bank documents to facilitate nearly S$1 million in deposits. Among the allegations:
- Forging remittance receipts and loan agreements to deceive Citibank Singapore into accepting substantial deposits into accounts linked to the laundering scheme.
- Possessing significant sums of criminal proceeds.
- Attempting to obstruct justice by deleting evidence and lying to immigration authorities about his passport.
Charges Against Liu Kai
Liu Kai, formerly with Bank Julius Baer & Co, is accused of assisting another key player, Lin Baoying (report here) by submitting a forged Chinese tax document to help her open a Swiss bank account. Liu’s involvement further highlights the international scope of the money laundering operation, which relied heavily on sophisticated financial maneuvers.
Charges Against Liew Yik Kit
Liew Yik Kit, the sole Singaporean among the three, was charged with obstructing justice and lying to the police. As the driver for Su Binghai, who remains at large, Liew allegedly disposed of four luxury cars belonging to Su, including two Rolls Royces and two Ferraris. He is also accused of lying to the police about Su’s possessions.
Legal Implications
If convicted, the men face severe penalties:
- Lying to the police: Up to two years in jail, a fine, or both.
- Obstructing justice: Up to seven years in jail, a fine, or both.
- Forgery and using forged documents: Up to 10 years in jail and a fine.
- Possessing criminal proceeds: Up to three years in jail, a fine of up to S$150,000, or both.
The case underscores the extensive network of individuals involved in enabling the laundering of illicit funds and the significant legal consequences for those who facilitate such crimes. The three men are scheduled to return to court next month as the investigation continues.
