Singapore convicts first suspect in record money laundering case

[Pelican Press 0]

Singapore convicts first suspect in record money laundering case

A Porsche 911 Targa vehicle seized by police at a residence of Su Jiafeng, one of the suspects in the S$2.8 billion money-laundering case, in Singapore, on Wednesday, Oct. 25, 2023. Allegations have erupted that wealthy ******** have been pouring ill-gotten gains into the ****** financial hub, in what the government itself describes as potentially one of the world’s largest money-laundering cases.

Ore Huiying | Bloomberg | Getty Images

Singapore on Tuesday sentenced the first person to plead guilty in the Southeast Asia island-state’s biggest money laundering scandal to a 13-month imprisonment.

Cambodian national Su Wenqiang had faced 11 charges relating to forgery and laundering ********* proceeds. Public prosecutors went ahead with two counts of money laundering after an agreement to consider the remaining nine charges for sentencing.

The Singapore police

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it has seized around 6 million Singapore dollars ($4.44 million) worth of assets from Su. According to court documents emailed to CNBC, this includes more than 2 million Singapore dollars in a bank account with ******* Overseas Bank, a Mercedes Benz, ******** Moutai ******* and jewelry from Tiffany’s and Dior.

Su was charged for laundering income from his part in abetting the operation of an ******** offshore remote gambling service out of the Philippines, which catered to mainland ******** clients, according to court documents.

Su, 32, was arrested in August last year along with nine others of ******** origin, in a case that has stunned many and raised doubts over Singapore’s reputation as a financial hub. Two suspects are still on the run.

The value of all assets seized to date now exceeds more than 3 billion Singapore dollars, according to court documents.

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******,World economy,Kweichow Moutai Co Ltd,***********,Collusion,Securities ******,Singapore,Asia Economy,business news
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