Singapore charged two former bank relationship managers who it accused of being involved in the country's biggest money-laundering case, marking its first criminal actions against finance professionals in the S$3 billion ($2.3 billion) scandal.
Wang Qiming, a 26-year-old Chinese national, was charged with 10 counts including forging documents for the purpose of cheating the bank, according to charge sheets read out in a local state court on Thursday. He used to work at Citibank Singapore Ltd., according to records with the Monetary Authority of Singapore.
Liu Kai, a 35-year-old who was formerly with Bank Julius Baer & Co., was accused of aiding one of the now-convicted money launderers in submitting a forged Chinese tax document to open a bank account in Switzerland.
The charges were read out to both men in Mandarin. Liu, who is also a Chinese citizen, holds Singapore permanent residency, according to his charge sheet. They declined to comment after the hearing.
The latest charges come a year after the money laundering scandal first unfolded with a series of arrests of wealthy foreigners who were residing in the city state. Singapore authorities have seized cash, real estate, cryptocurrencies and other assets totaling about S$3 billion, and sent ten people of Chinese origin to jail this year for laundering illicit funds from overseas gambling operations and other offenses. More individuals involved in the scheme remain at large.
The case has also rocked Singapore's banking sector. The convicted China-born individuals and their close associates, together with companies they controlled, held more than S$370 million in total at over a dozen financial institutions, court records compiled by Bloomberg show. Units of Citigroup Inc. and UBS Group AG-owned Credit Suisse were among the top banks holding the most in deposits.
The MAS has been inspecting multiple banks. The lenders with the most dealing with the criminals "- through deposit accounts, loans and other financial services "- could face fines and other punitive measures, people familiar with the matter said previously.
Wang appeared in court on Thursday in a white hooded sweatshirt, black pants and white sneakers. Liu was dressed in a dark blue polo shirt. Neither entered a plea, and they are currently out on bail. Both men are expected to be back in court in September.
Wang's clients included Su Baolin and Vang Shuiming, who were among the 10 convicted money launderers. Singapore police said that in late 2020, Wang helped Su make a false loan agreement to mask the source of a deposit made into the latter's bank account. Wang also helped hold S$481,678 in cash he collected from Su, and the ex-relationship manager has also been charged with laundering that sum of money.
In addition, Wang in 2021 forged remittance receipts from an Indonesian company that were used to substantiate two separate S$999,980 deposits into a Citibank account, according to the charges. He also forged a loan document to fool Citibank about the source of Vang's funds, the police said.
The maximum penalties for these and other offenses include jail terms of up to 10 years and fines.
A Citi spokesperson said Wang hasn't been employed at the bank since April 2022, adding it does not comment on matters that are before the courts.
Liu was a relationship manager for Lin Baoying, and submitted a forged tax document from the now-convicted money launderer around November 2020 to help her open a bank account in Switzerland, where Julius Baer is based. MAS records show that Liu worked at the bank from 2019 to 2022.
Julius Baer did not immediately respond to an emailed request for comment.
A third individual, a 41-year-old Singapore citizen who was a driver to one of the suspects in the money laundering case "- Su Binghai, who remains at large "- was also criminally charged on Thursday.
Liew Yik Kit was charged for helping Su to dispose of four luxury cars "- two Rolls-Royces and two Ferraris "- at a multistory car park in a public housing estate last year, and then lying about it to the police.
