In the latest development of Singapore’s largest money laundering case, Cambodian national Chen Qingyuan, 34, was sentenced to 15 months in jail on May 23 following his conviction on two money laundering charges and one forgery-related charge. This case, previously covered by FinTelegram, has seen significant developments with multiple arrests and substantial asset seizures. Chen Qingyuan is the seventh individual to be convicted in connection with this massive money laundering probe.
Conviction and Asset Forfeiture
Notably, Chen Qingyuan is the first among the seven convicted foreigners to appear in court in person, while the others attended proceedings via video link. Following his arrest on August 15, 2023, over $23 million in assets were seized from Chen. Approximately 90% of these assets, equating to $21.3 million, will be forfeited to the state. These assets include over $8 million in bank accounts, more than $1 million in luxury watches, and $2.2 million in vehicles.
Background and Charges
Chen faced a total of 10 charges, including four related to money laundering. His remaining charges are connected to forgery. According to Deputy Public Prosecutor Foo Shi Hao, some of Chen’s assets were held in his girlfriend Wang Qiujiao‘s name, including a bank account at Standard Chartered Bank. Chen and Wang conspired to submit a forged income certificate to the bank to explain the source of over $3.1 million transferred between September 2019 and July 2021.
The prosecution revealed that Wang admitted she was not employed by the company mentioned in the forged document. Chen paid a contact $40 to create the fake certificate. Chen’s money laundering charges that led to his sentencing involved his possession of over $614,750 in cash and a white Range Rover worth over $1 million, both suspected of being criminal proceeds.
Prosecution and Defense Arguments
DPP Foo highlighted Chen’s involvement in remote gambling offenses abroad, with proceeds transferred to Singapore. Despite Chen’s claims that his properties were from legitimate sources, he failed to provide sufficient evidence to support these assertions. The prosecution sought a 15 to 17-month jail term for Chen, arguing that a lengthy custodial sentence is necessary to deter money laundering and abuse of Singapore’s banking infrastructure.
Defense lawyer Gary Low sought a 14-month jail term, noting that many offenders in this case received similar sentences. He emphasized Chen’s economic and social contributions since his arrival in Singapore in September 2019, including his active involvement in charity work as the deputy chairman of Lions Club of Singapore Mandarin.
Previous Convictions and Future Proceedings
Previously, FinTelegram reported on the convictions of six other individuals: Vang Shuiming, Su Wenqiang, Su Haijin, Wang Baosen, Su Baolin, and Zhang Ruijin, who received sentences ranging from 13 to 15 months. Collectively, they agreed to forfeit assets worth between $5.9 million and $180 million, amounting to over $560 million in forfeitures.
Notably, Su Wenqiang and Wang Baosen were deported to Cambodia after serving approximately 8½ months of their 13-month sentences. Another individual, Cypriot national Wang Dehai, is expected to plead guilty on June 13, facing two money laundering charges. Additionally, the sole woman in the group, Lin Baoying, expressed her intent to plead guilty and is seeking an early court date.
As the case unfolds, FinTelegram will continue to provide updates on the legal proceedings and their implications for Singapore’s efforts to combat money laundering.
