Singapore charged two former bank relationship managers for their alleged involvement in the country’s biggest money-laundering case, marking its first criminal actions against finance professionals in the $3 billion scandal.
Wang Qiming, a 26-year-old Chinese national, was charged with 10 counts including forging documents for the purpose of cheating the bank, according to charge sheets read out in a local state court on Thursday. He used to work at Citibank Singapore Ltd., according to records with the Monetary Authority of Singapore.
Liu Kai, a 35-year-old who was formerly with Bank Julius Baer & Co., was accused of aiding one of the now-convicted money launderers in submitting a forged Chinese tax document around November 2020 to help her open a bank account in Switzerland.
The charges were read out to both men in Mandarin. Liu, who is also a Chinese citizen, holds Singapore permanent residency, according to his charge sheet. They declined to comment after the hearing.
The latest charges come a year after the money laundering scandal first unfolded with a series of arrests of wealthy foreigners who were residing in the city state. Singapore authorities have seized cash, real estate, cryptocurrencies and other assets totalling about $3 billion, and sent ten people of Chinese origin to jail this year for laundering illicit funds from overseas gambling operations and other offences. More individuals involved in the scheme remain at large.
The case has also rocked Singapore’s banking sector. The convicted China-born individuals and their close associates, together with companies they controlled, held more than $370 million in total at over a dozen financial institutions, court records compiled by Bloomberg show. Units of Citigroup Inc. and UBS Group AG-owned Credit Suisse were among the top banks holding the most in deposits.
See also: Hong Kong a ‘global leader’ in financial crime, US lawmakers say
The MAS has been inspecting multiple banks. The lenders with the most dealing with the criminals — through deposit accounts, loans and other financial services — could face fines and other punitive measures, people familiar with the matter said previously.
“MAS expects high standards of conduct from financial sector representatives,” a spokesperson for the regulator said on Thursday. “Those found guilty of breaching the law will be dealt with and held accountable.”
Wang appeared in court on Thursday in a white hooded sweatshirt, black pants and white sneakers. Liu was dressed in a dark blue polo shirt. Neither entered a plea, and they are currently out on bail. Both men are expected to be back in court in September.
See also: Singapore publishes national anti-money laundering strategy
Wang’s clients included Su Baolin and Vang Shuiming, who were among the 10 convicted money launderers. Singapore police said that in late 2020, Wang helped Su make a false loan agreement to mask the source of a deposit made into the latter’s bank account. Wang also allegedly helped hold $481,678 in cash he collected from Su, and the ex-relationship manager has also been charged with laundering that sum of money.
In addition, Wang in 2021 allegedly forged remittance receipts from an Indonesian company that were used to substantiate two separate $999,980 deposits into a Citibank account, according to the charges. He also forged a loan document to fool Citibank about the source of Vang’s funds, the police said.
The maximum penalties for these and other offences include jail terms of up to 10 years and fines.
A Citi spokesperson said Wang hasn’t been employed at the bank since April 2022, adding it does not comment on matters that are before the courts.
Job Change
Liu worked at Julius Baer from February 2019 to June 2022, and then at Goldman Sachs (Singapore) Pte. straight after from July 2022 to June this year, according to MAS records.
Julius Baer is “fully cooperating with the authorities” and is committed to supporting their efforts to uphold the integrity of the Singapore financial system, a spokesperson said. A Goldman Sachs spokesperson said “it is our understanding” that the firm is not a party to this case which concerns the alleged activities of an individual prior to his employment at the bank. The spokesman added Liu’s employment has already ended.
To stay ahead of Singapore and the region’s corporate and economic trends, click here for Latest Section
A third individual, a 41-year-old Singapore citizen who was a driver to one of the suspects in the money laundering case — Su Binghai, who remains at large — was also criminally charged on Thursday.
Liew Yik Kit was charged for helping Su to dispose of four luxury cars — two Rolls-Royces and two Ferraris — at a multistory car park in a public housing estate last year, and then lying about it to the police.
