14-8-2024 (SINGAPORE) In a significant development in one of Singapore’s most extensive money laundering investigations, authorities are set to charge three men, aged 26 to 41, with various offences on Thursday. This case, which has sent shockwaves through the city-state’s financial sector, involves a complex web of international criminal activities and highlights the ongoing battle against financial crimes in the region.
The accused include two former bank relationship managers and a personal driver, all of whom are alleged to have played pivotal roles in facilitating the laundering of illicit funds through Singapore’s banking system. Their involvement is linked to a group of ten foreigners who were previously convicted and jailed for similar offences.
The first defendant, a 26-year-old Chinese national, formerly employed as a relationship manager at a foreign bank in Singapore, faces ten charges. These include allegations of abetting a client, Su Baolin, in creating a false loan agreement to mislead another bank about the source of deposits. Additionally, he is accused of possessing a substantial sum of S$481,678 in cash on behalf of Su Baolin, for which he has failed to provide a satisfactory explanation.
In a separate incident, the same individual allegedly forged loan documents to deceive his employer bank regarding the source of funds for another client, Vang Shuiming. This deception purportedly facilitated the deposit of S$999,980 into Vang’s account.
The second bank employee, a 35-year-old Chinese national, faces one charge related to his dealings with Lin Baoying. He is accused of receiving and submitting altered versions of a forged tax document to assist in opening a bank account in Switzerland.
The third accused, a 41-year-old Singaporean who worked as a personal driver for fugitive Su Binghai, faces two charges. He allegedly lied to the police about Su Binghai’s possessions and is accused of obstructing justice by disposing of four vehicles belonging to his employer.
This case is part of a broader investigation that began in 2021 following tip-offs about a group of foreigners using forged documents to launder money in Singapore. The probe culminated in the arrest of ten individuals of Chinese origin in August 2023, all of whom have since been convicted, served their sentences, and deported.
David Chew, Director of the Commercial Affairs Department, emphasised the gravity of the situation, stating, “We take a very serious view of the laundering of criminal proceeds through our financial system.” He highlighted the crucial role of banks as gatekeepers and the importance of integrity among banking professionals, particularly relationship managers who serve as the interface between clients and financial institutions.
Chew warned that individuals who assist clients in circumventing due diligence processes or help forge documents to conceal the true nature of assets “must be dealt with robustly under our laws.”
This case underscores Singapore’s commitment to maintaining its reputation as a clean and transparent financial hub. It also serves as a stark reminder of the sophisticated methods employed by international criminal networks to exploit financial systems and the ongoing challenges faced by regulatory authorities in combating such activities.
