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$3B Money Launderers - Where are they now?

The $3B Money Launderers, Where are they now?

Today, Vang Shuiming pled guilty and was sentenced to 13 months and 6 weeks in jail. This makes him the 6th of the 10 Money Launderers to be prosecuted. He has also forfeited S$180 million of the S$200 million seized to the state.


The high-profile case that made headlines worldwide last year involved the arrest of these 10 individuals in Singapore's $3 billion money laundering scandal. As legal proceedings continue to unfold eight months later, the focus shifts to the current status of these individuals. Here's an in-depth look at where they stand today:



  • Vang Shuiming (aka. Wang Shuiming)

    • Activities: Collaborated with his brother, Wang Shuiting, both wanted by Chinese authorities, involving extensive financial irregularities, including forgery and fraud across multiple institutions.

    • Outcome: Charged with 4 counts of money laundering and 18 counts of forgery. Sentenced to 13 months and 6 weeks in jail on May 14, 2024, and forfeited about S$180 million to the state.

  • Su Baolin

    • Activities: Collaborated with others in financial fraud, including Wang Qiming and his wife, Ma Ning. Involved in forgery, financial fraud across multiple institutions, and possession of illicit funds and luxury items.

    • Outcome: Forfeited about S$65 million to the state and sentenced to 14 months in jail on April 29, 2024.

  • Su Haijin

    • Activities: Laundered approximately S$3.8 million, facing 14 charges. Extensive involvement in financial fraud, forgery, and possession of illicit funds and luxury items, including overseas wealth.

    • Outcome: Forfeited about S$165 million to the state and sentenced to 14 months in jail on April 4, 2024.

  • Chen Qingyuan

    • Activities: Suspected forgery involving bank documents, financial fraud, and possession of illicit funds and assets.

    • Outcome: Scheduled for a court date on May 23, 2023. Expected to admit to charges with S$20 million worth of assets seized, prohibited from disposal or sales.

  • Su Wenqiang

    • Activities: Committed financial fraud, including forging documents, and possessed over S$600,000 in cash from unlawful remote gambling offences.

    • Outcome: Forfeited about S$6 million to the state and sentenced to 13 months in jail on April 2, 2023. Deported to Cambodia on May 6, 2024.

  • Wang Baosen

    • Activities: Collaborated with family members in financial crimes, including his wife, He Huifang. Alleged involvement in fraudulent activities.

    • Outcome: Forfeited about S$8 million to the state and sentenced to 13 months in jail on April 16, 2023. Deported to Cambodia on May 6, 2024.

  • Zhang Ruijin

    • Activities: Attempted fraud at several banks using forged documents, laundering a total of S$36 million, the highest among the convicted individuals.

    • Outcome: Sentenced to 15 months in jail on April 30, 2024, and forfeited about S$118 million to the state.

  • Lin Baoying

    • Activities: Collaborated with Zhang Ruijin in financial crimes, facing similar charges including attempted fraud at multiple banks using forged documents.

    • Outcome: Currently in remand, case still pending, with no bail granted due to flight risk.

  • Wang Dehai

    • Activities: Involved in various financial crimes, including holding illicit funds, forgery, and possession of luxury items. Pled guilty to 2 charges of money laundering.

    • Outcome: 2 charges under CDSA for Money Laundering. Currently in remand, case still pending.

  • Su Jianfeng

    • Activities: Collaborated with purported wife, Chen Qiuyan, in financial crimes, including extensive financial fraud and possession of illicit funds and luxury items.

    • Outcome: Charged with multiple counts of money laundering and forgery. Currently in remand, case still pending.

Most of the 10 arrested individuals were prosecuted under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), where offenders may face imprisonment ranging from 3 to 10 years, fines ranging between $150,000 and $500,000, or both, depending on the severity and nature of the money laundering offences committed.

Foreigners convicted of serious offences in Singapore face deportation and are barred from re-entering the Republic, as demonstrated by Su Wenqiang and Wang Baosen’s case, where they were deported back to Cambodia after imprisonment. Questions have surfaced regarding whether the sentences under the CDSA effectively deter money laundering and if the Government plans to strengthen the sentencing regime in response.


9 out of 10 of these individuals have Cambodian citizenship. Just like Su Wenqiang and Wang Baosen, they might be deported there after serving their sentence in Singapore. China has an extradition treaty with Cambodia, which could result in these individuals being extradited back to China for criminal activities they are wanted for.


Meanwhile the Ministry of Home Affairs (MHA) considers potential enhancements to the CDSA. The proposed legislation will enable sector-specific regulators to review suspicious transaction reports submitted by the entities they oversee. This enhanced access aims to improve the identification of money laundering activities within their respective sectors, allowing the authorities to better track down and prosecute money launderers.


This case serves as a poignant reminder of the importance of robust Enhanced Due Diligence (EDD) and ongoing monitoring especially in financial institutions. This can be made easier by leveraging help with RegTech solutions, ensuring thorough assessments of individuals' profiles to aid in the detection of financial irregularities. Such measures are essential in preventing and combating complex financial crimes, as demonstrated by the case under scrutiny.


In conclusion, the ongoing legal proceedings in the $3 billion money laundering case offer a glimpse into potential for improvements for both infrastructure and framework of the legal system in deterring financial crime. As authorities work to ensure justice is served, the importance of robust compliance measures and innovative solutions becomes increasingly apparent.


 

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We recognize the importance of considering all aspects of an individual's profile. Whether it's citizenship or residency, Artemis 3.0 provides a fair and nuanced evaluation, ensuring no one is unfairly penalised based solely on their country of birth or anyone who may slip under the radar for residing in a lower risk jurisdiction.  Ready to experience the transformative capabilities of Artemis 3.0? Book a demo today and elevate your risk assessment process to new heights.


 

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Cynopsis Solutions helps companies digitize and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC. Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions. We've helped firms across various industries, not limited to Banking and Financial Services, FinTech, Blockchain companies and Designated Non-Financial Businesses and Professionals.

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