Landmark S$2.4 billion money laundering case takes center stage in upcoming Singapore Parliament session

SINGAPORE: The upcoming Parliament session on Tuesday, October 3rd, will feature three ministerial statements discussing the recent billion-dollar money laundering case.

As per the order paper released on Monday, the statements will be delivered by Josephine Teo, the Second Minister for Home Affairs, Alvin Tan, the Minister of State for Trade and Industry, and Indranee Rajah, the Second Minister for Finance and National Development.

Mr Tan will be representing Deputy Prime Minister and Minister for Finance Lawrence Wong when addressing Parliament regarding this case.

On 18 September, Minister of State for Home Affairs, Sun Xueling, informed the Parliament these ministries are set to provide a comprehensive response to queries from Members of Parliament regarding the high-profile S$2.4 billion money laundering case.

Given the gravity and magnitude of the recently exposed high-profile case in August, both Members of Parliament from the ruling party and those representing alternative parties have submitted a range of Parliamentary Questions.

These questions aim to thoroughly examine the matter and seek clarification from the relevant authorities.

In total, there have been at least 32 Parliamentary Questions filed covering a wide spectrum of issues related to the money laundering case.

Among the topics explored by fellow MPs are the scrutiny of the Singaporean government’s efforts and effectiveness in uncovering money laundering crimes and forgery of documents.

Furthermore, some MPs have raised concerns about the effectiveness of the current practice of suspicious transaction reports (STR) in detecting suspicious property transactions.

They have also sought to scrutinize the protocols for real estate transactions involving foreign nationals, including whether background checks are conducted on foreigners before granting approval for the purchase of landed residential properties.

Assets involved in the high-profile case balloon to S$2.4 billion

On 15 August, 10 suspects were arrested in an islandwide anti-money laundering probe mounted by the police in an operation that has been described by the prosecution as unprecedented in size and scope.

A billion dollars worth of assets were seized – including luxury cars, houses and cash.

The ten accused, including nine men and one woman aged between 31 and 44,  have different nationalities but share a common origin in Fujian.

Some of the 10 suspects involved in the scandal had established ties to Singapore prior to 2020, according to local business filings.

On 21 September, as per the Singapore Police Force, the colossal international money laundering investigation has seen substantial growth, now involving over S$2.4 billion (approximately US$1.8 billion) in assets that have been seized or frozen.

This marks a significant increase from the initial total value of S$1 billion, which included luxury cars, houses, cash, and other assets discovered on 15 August when Singapore police conducted raids at various locations across the island and apprehended 10 Fujian-born foreigners.

All ten accused held EP and DP

On 18 August, the Ministry of Manpower (MOM) disclosed that the 10 foreigners, consisting of nine men and one woman aged between 31 and 44, held Employment (EP) and Dependant Passes (DP).

Further investigation also revealed that Wang Baosen, one of the accused had orchestrated the establishment of his wife’s company to secure her an employment pass (EP) in the country.

The amassed wealth of these accused individuals has left Singaporeans astonished, prompting questions about the extended duration of their residency in Singapore and their substantial acquisition of local properties with considerable financial resources.

Notably, Kuik Shiao-yin, a Former Nominated Member of Parliament (NMP), and veteran journalist Bertha Henson have voiced their concerns earlier.

They question how such activities could persist undetected for so long and emphasize the urgency of proactive measures in addition to arrests.

One of the suspects in the case, Vang Shui Ming, had financed the acquisition of 10 luxury units at CanningHill Piers. According to Shin Min Daily News, Vang also purportedly amassed his wealth a decade ago by launching a gambling website in the Philippines.

Meanwhile, Su Haijin, a key suspect in the case, reportedly held shares or directorships in multiple companies in Singapore. He recently disclosed in court that he possesses “substantial wealth overseas,” including a property at 38 Oxford Street in London and a yacht in Phuket, Thailand.

Singaporean authorities are also intensifying their scrutiny of the assets and family connections of foreign suspects involved in this high-profile case.