Singapore convicts first suspect in record money laundering case – Global News (Trending Perfect)


Police seized a Porsche 911 Targa at the home of Su Jiafeng, one of the suspects in the S$2.8 billion money laundering case, in Singapore, on Wednesday, October 25, 2023. Allegations that wealthy Chinese people are funneling illicit gains into the Asian financial hub, as The government itself describes it as one of the world's biggest money laundering cases.

Ore Huying | Bloomberg | Getty Images

On Tuesday, Singapore issued a 13-month prison sentence to the first person to plead guilty in the largest money laundering scandal in the Southeast Asian island nation.

Cambodian national Saw Wenqiang had faced 11 charges related to forgery and laundering of criminal proceeds. Prosecutors went ahead with two money laundering charges after agreeing to consider the remaining nine charges for sentencing.

Singapore Police He said It seized assets worth about S$6 million ($4.44 million) from Su. According to court documents emailed to CNBC, this includes more than S$2 million in a bank account with United Overseas Bank, a Mercedes-Benz, Chinese Moutai liquor, and jewelry from Tiffany's and Dior.

Su was charged with laundering income from his role in abetting the operation of an illegal offshore gambling service outside the Philippines, which catered to mainland Chinese customers, according to court documents.

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

The value of all assets seized so far exceeds more than S$3 billion, according to court documents.



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