Singapore Charges Ex-Bankers with Abetting $2.2 Bn Money Laundering Ring

Singapore charged two bankers Thursday for their alleged role in abetting clients responsible for a US$2.2 billion money laundering ring, marking the first time that criminal charges have been laid against finance professionals since the scandal came to light.

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Wang Qiming, 26, and Liu Kai, 35, who are both Chinese nationals, stand accused of helping their wealthy clients launder billions in real estate, cryptocurrencies, and other assets.

Qiming, formerly a banker at Citibank Singapore Ltd., faces up to 10 counts that include forgery and money laundering in the range of S$500,000 (US$379,708).

Kai, who used to work for the bank Julius Baer & Co., stands accused of aiding a now-convicted member of the money laundering ring to file a forged Chinese tax document in 2020, so that she could fraudulently open a Swiss bank account.

Julius Baer said in a statement that it is cooperating with the authorities and is “committed to supporting their efforts to uphold the integrity of the Singapore financial system.”

Citibank, meanwhile, said that Qiming has not been in the bank’s employ since April 2022 and added that it does not “comment on matters that are before the courts.”

Neither of the banks provided further comments.

The two represent the first finance professionals to face criminal liability after the money laundering scandal rocked the Asian finance world last year. Singapore authorities reported seizures totaling $2.2 billion that included cash, real estate, cryptocurrencies, luxury cars, and other assets.

Around the same time, police carried out raids and arrested 10 other Chinese nationals for laundering funds generated from out-of-country gambling operations, amongst other crimes.

They were eventually convicted on money laundering charges and sentenced to prison terms ranging between 13 and 17 months. Following the completion of their respective sentences, they will be deported and blacklisted from re-entering the country.

Authorities believe that others connected to the ring remain at large.