All the convicts in Singapore’s S$3 billion money laundering case have been sentenced. What now?

SINGAPORE: On a sleepy Wednesday evening in mid-August 2023, nine men and one woman were charged in Singapore’s State Courts with various, seemingly nondescript financial crimes: Possessing criminal benefits, forging bank statements and laundering money.

In the hours that followed, the story came to life via explosive headlines: The 10 suspects were part of an islandwide operation two years in the making; all hailed from China and with a background of criminal activity, laying roots in Singapore and quietly running illegal gains through the country’s reputable financial system, to gain a veneer of legitimacy.

Millions of dollars earned over the years from an illicit gambling ring - with Southeast Asian bases and aimed at punters in China - were turned into luxury cars, extravagant watches, properties in Singapore’s most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.

On Monday (Jun 10), the last of the 10 offenders was sentenced to jail.

But there may yet be further developments involving others linked to the probe - including 17 suspects on the run, the wives or partners of the 10 and other fringe parties such as bank employees or real estate agents who failed to flag suspicious transactions.

Who are the 10 offenders, and what did they do?

Here's a breakdown.

Su Wenqiang

Cambodian national
Pleaded guilty to: 2 counts of money laundering
Sentenced to: 13 months' jail
Additional info: First to plead guilty, forfeited 100% of his assets (about S$6 million)

Su Haijin

Cypriot national
Pleaded guilty to: 1 count of resisting arrest, 2 counts of money laundering
Sentenced to: 14 months' jail
Additional info: Former director of No Signboard Holdings, hospitalised for fractures sustained in jumping off balcony. Forfeited 95% in assets (more than S$165 million)

Wang Baosen

Chinese national
Pleaded guilty to: 2 counts of money laundering
Sentenced to: 13 months' jail
Additional info: Forfeited 100% in assets (about S$8 million)

Su Baolin

Cambodian national
Pleaded guilty to: 2 counts of money laundering, 1 count of conspiring to make false representations
Sentenced to: 14 months' jail
Additional info: Forfeited 90% in assets (about S$65 million)

Zhang Ruijin

Chinese national
Pleaded guilty to: 2 counts of forgery, 1 count of money laundering
Sentenced to: 15 months' jail
Additional info: Lin Baoying's partner. Forfeited 90% in assets (about S$118 million)

Vang Shuiming

Turkish national
Pleaded guilty to: 1 count of forgery, 2 counts of money laundering
Sentenced to: 13 months and 6 weeks' jail
Additional info: Had the highest number of total charges and assets seized, took out the most applications in his bid to get bail. Forfeited 90% in assets (about S$179 million)

Chen Qingyuan

Cambodian national
Pleaded guilty to: 1 count of forgery, 2 counts of money laundering
Sentenced to: 15 months' jail
Additional info: Forfeited 91% in assets (about S$21.3 million)

Lin Baoying

Chinese national
Pleaded guilty to: 2 counts of forgery, 1 count of money laundering
Sentenced to: 15 months' jail
Additional info: Forfeited 90% in assets (about S$154 million)

Wang Dehai

Cypriot national
Pleaded guilty to: 1 count of money laundering
Sentenced to: 16 months' jail
Additional info: Had among the longest stints working for the gambling syndicate. Forfeited about 90% in assets (about S$49.2 million)

Su Jianfeng

Vanuatu national
Pleaded guilty to: 1 count of forgery, 1 count of money laundering
Sentenced to: 17 months' jail
Additional info: Forfeited about 95% in assets (about S$179 million)

How were they caught?

First hints of the case surfaced in 2021, with the police receiving dribs and drabs of information on forged bank documents.

Suspicious transaction alerts were filed by financial institutions, and the police looked into these before building up an intelligence probe.

The police also uncovered a web of links between the 10 offenders.

For example, Zhang Ruijin and Lin Baoying were lovers and friends with Su Haijin, Su Baolin and the two Sus' wives. They had gone on holiday together as a large group.

Even if not directly linked to each other, the offenders could be traced somehow to the criminal syndicate running illegal gambling centres in Southeast Asia.

Su Jianfeng advertised the gambling websites and managed workers who ran and maintained them, while Su Baolin started out as a gambler before being roped into operating or supervising the websites.

Wang Dehai - who was in the business for 10 years from 2012 - worked in customer service for the remote gambling enterprise before becoming a promoter. He was given a 3 per cent share in annual profits, with his total income in 2016 alone amounting to more than S$15 million.

He recruited his cousin and co-accused Su Wenqiang into the business.

After consulting with the Attorney-General's Chambers on the strength of its evidence, Singapore police eventually launched an islandwide operation in August last year.

Over 400 officers were involved and the 10 offenders were arrested at either condominiums, landed properties or Good Class Bungalows in areas like Sentosa Cove, Tanglin, Orchard, Holland and River Valley.

What were their sentences, and how did the public react?

Despite some of the offenders initially stating they would claim trial, all 10 wound up pleading guilty. Their pleas were heard from April to June.

They were sentenced to between 13 and 17 months' jail - with the last man Su Jianfeng receiving the heftiest term.

Online commenters have suggested that the sentences seemed light for a case involving S$3 billion. 

But each individual case proceeded on different charges, with different amounts that often were low relative to the billion-dollar figure.

For example, Wang Baosen faced eight charges in total but pleaded guilty to only charges of possessing almost S$600,000 in illegal proceeds in his wife's bank account, and for laundering S$1.48 million to buy a luxury apartment in Tomlinson Road.

The other six charges were taken into consideration.

He was given 13 months' jail, and this must be seen against the maximum penalties provided for the two charges proceeded against him.

Under the relevant Section 55(2)a of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the maximum penalties are a jail term of up to three years, a fine of up to S$150,000 or both.

Why then did the prosecution not use charges with more amounts involved? As lawyer Tania Chin previously told CNA, the prosecution has discretion to proceed with appropriate charges based on the strength of the evidence they have obtained - which the public would not be privy to.

She also noted that perceptions of the jail terms being inadequate could have arisen from the case being presented as reportedly Singapore's largest money laundering operation.

Second Minister for Home Affairs Ms Josephine Teo said in parliament in October 2023 that the case was "one of the largest anti-money laundering operations not just in Singapore, but likely the world".

What's next for the 10, and their families?

All of them were remanded after being charged in August 2023, and were not allowed bail despite repeated attempts by some of them - especially Vang, who went all the way to the High Court in his bid - to be freed temporarily.

Half of the group has since been deported after finishing their jail terms, after also taking into account a one-third remission for good behaviour.

Su Baolin, Su Haijin, Su Wenqiang, Wang Baosen, Zhang Ruijin, Chen Qingyuan and Lin Baoying were all deported to Cambodia while Vang Shuiming was deported to Japan. They have also been barred from returning to Singapore.

Law Minister K Shanmugam previously said in an interview that offenders who complete their sentences can be deported to wherever the passport they hold allows them to go.

What about the wives, partners or children who relocated to Singapore with the 10 offenders? 

Based on affidavits produced in court, the known names of the wives and partners are: 

• Wang Ruiyan, Vang's wife 
• Wu Qin, Su Haijin's wife
• Ma Ning, Su Baolin's wife
• He Huifang, Wang Baosen's wife
• Su Caihuang, Wang Dehai's wife
• Su Yanping, Su Wenqiang's wife
• Wang Qiujiao, girlfriend of Chen Qingyuan; and
• Chen Qiuyan, who shared Su Jianfeng's address.

CNA sent queries to the relevant authorities that yielded no concrete answers.

But CNA understands that some of the wives or partners of the convicts are still helping with investigations.

CNA also understands that work pass or visit pass information about foreigners is confidential, and any foreigner in Singapore on a valid pass is free to come and go as they wish, subject to the terms of their passes.

What will happen to all the seized assets?

About S$1 billion worth of assets linked to the 10 offenders was seized. Of these, the offenders agreed to forfeit between 90 per cent and 100 per cent - totalling about S$944 million. 

Police have said that non-cash assets will be sold via channels such as auctions. Proceeds, along with forfeited cash, will go into Singapore's consolidated fund - akin to a bank account held by the government.

The other S$2 billion or so seized assets that make up the S$3 billion figure comes from the aforementioned 17 suspects on the run and outside of Singapore's jurisdiction.

For these seized assets, the police will maintain custody until they are dealt with by Singapore's courts at the close of each case.

But what if the 17 manage to evade local authorities?

According to a previous parliamentary reply by Mr Shanmugam, an investigation officer must report to the court within a year after criminal proceeds are seized or when the proceeds are no longer relevant for investigation or trial, whichever is earlier.

If the seized proceeds are still relevant or if any court proceeding is pending, the court still cannot dispose of them.

What's been the impact on Singapore and private entities here?

Scrutiny has turned to shell companies in Singapore as well as how banks here vet high-value clients.

This was because several of the offenders gained entry into the country by setting up shell firms - often with their wives involved - to obtain work passes to legitimise their stay.

Several of them were also handed charges for forging bank documents to explain away suspicious and large flows of money into their Singapore-based bank accounts.

In October 2023, Second Minister For Finance And National Development Indranee Rajah announced a new inter-ministerial committee to review Singapore's anti-money laundering regime and to keep on top of increasingly sophisticated crimes.

Separately, the Accounting and Corporate Regulatory Authority (ACRA), a statutory board under the Ministry of Finance that regulates business registration and financial reporting, is considering stricter rules linked to directorships and corporate filing.

The authority has proposed a new Bill that would, among other moves, require all entities or people providing corporate secretarial services - that help set up a company in Singapore - to register with ACRA.

Under this Bill, which was read for the first time in May, corporate service providers can face up to S$100,000 in fines each time they fail to meet anti-money laundering obligations.

According to a Bloomberg report in June report, banks like Citi and DBS are also ramping up scrutiny of their wealthy customers and potential clients, to avoid exposure to illicit money flows.

Private bankers at some institutions are also getting additional training to help them spot tricks used by criminals to mask the background and sources of funds.

Bloomberg said Singapore authorities had recently completed on-site inspections of some banks involved in the S$3 billion money laundering probe. Lenders who had the most dealings with the offenders are expected to face penalties after the review concludes.