Former NMP and veteran journalist voice concerns over S$1.8 billion money laundering case

SINGAPORE: The ongoing High Court trial of all ten suspects in the S$1.8 billion money laundering case has uncovered additional startling revelations.

As revealed in an affidavit presented during the court hearing on Tuesday (5 Sept), one of the suspects in the case, Vang Shui Ming, had financed the acquisition of 10 luxury units at CanningHill Piers.

In June last year, Lianhe Zaobao reported that a Chinese buyer from Fujian acquired 20 units in bulk at CanningHill Piers for an estimated S$85 million.

The 20 units include 10 3-room flats priced between $3.1 million and $3.3 million, and 10 4-room units priced between $5.3 million and $5.6 million.

Police investigations revealed that Vang (or Wang Shui Ming), a 42-year-old Turkish national originally from Fujian, had over S$200 million in assets confiscated by authorities, which included a staggering S$962,000 in cash discovered at his residence.

The prosecutor further divulged in the High Court that Vang had procured a total of 11 properties.

Commenting on recent reports about the case, Kuik Shiao-yin, a Former Nominated Member of Parliament (NMP), and veteran journalist Bertha Henson have expressed their concerns.

They question how long such activities have been ongoing without detection and emphasize the need for proactive measures rather than relying solely on arrests.

On Tuesday, Bertha Henson, the former Associate Editor of The Straits Times, took to Facebook to raise important questions. She asked, “What I want to know is how long this been going on for and why it went undetected? It can’t be a “sudden” thing.”

She cautioned against invoking “zero tolerance” simply because arrests have been made, suggesting that true zero tolerance would have entailed prevention before the suspect’s extensive property acquisitions.

Bertha Henson may have been alluding to comments made by Home Affairs and Law Minister K Shanmugam, who asserted that Singapore’s handling of the recent money laundering case exemplifies the country’s zero tolerance for such offences.

Kuik Shiao Yin: Paying for expensive properties in cash is a red flag of “something is not right here”

Reflecting similar concerns, former Nominated Member of Parliament Kuik Shiao-yin reposted Ms Henson’s statement, highlighting that it’s not unusual to hear local property agents sharing gleeful stories about profiting from foreign clients who purchase multiple units with substantial cash sums.

Consequently, she raised the pertinent question: Should local property agents/agencies be mandated to report mysterious buyers in such cases?

“Insisting on paying for expensive properties in cash is a red flag of “something is not right here”, ” she remarked.

Ms Kuik served as an NMP for both the 12th and 13th Parliament of Singapore,  serving from August 2014 to September 2018.

CEA guidelines prohibit property agents from facilitating transactions linked to illicit funds

On 18 August, the Singapore Police disclosed that a total of 105 properties had been subjected to the prohibition of disposal orders in connection with the money laundering case.

The aggregate worth of these 105 properties is approximately S$831 million. Among them are seven detached bungalows situated at Sentosa Cove and 79 condominium units, including 19 that are still in the construction phase.

Moreover, 19 more properties categorized as commercial or industrial spaces have also been placed under the prohibition of disposal orders.

It was earlier reported that 60 real estate agents who were involved in selling properties to the suspects are expected to be requested to assist in the investigation

In accordance with guidelines from the Council for Estate Agencies (CEA), engaging in property transactions while being aware or having reason to believe that the client is using proceeds from drug trafficking or criminal activities to purchase the property is illegal.

Convictions could lead to fines not exceeding S$500,000 or imprisonment for up to 10 years, or both.

In June of this year, the Singapore government implemented a mandate requiring property developers to conduct background checks on buyers.

If suspicious money laundering activities or terrorism financing are identified, they are obligated to report these to the Commercial Affairs Department (CAD).