Man involved in 2023’s $3B money laundering case arrested in Europe

SINGAPORE: Wang Shuiming, one of the 10 people rounded up by the police in August 2023 for money laundering, has been arrested in Montenegro, a country in southeast Europe.

A local media outlet, Vijesti, reported that Wang, also known as Vang Shuiming, had been arrested sometime late last month. He had flown into Montenegro from the Maldives on a private plane and was intercepted at Tivat Airport by the police. They were acting on an Interpol red notice, which is issued for individuals who are “pending extradition, surrender or similar legal action”.

Wang, 44, of Chinese descent, is a citizen of both Turkey and China but is also reported to have passports from Vanuatu and Cambodia. The nine other people rounded up in August 2023 were originally from China but had passports from other countries.

After serving 14 months in prison in Singapore, Wang was released and deported to Japan. He may face arrest in China. Wang is still wanted, having been accused of organizing illegal betting through online platforms. These activities included Chinese citizens as participants.

Wang will appear before a judge in the Higher Court at Podgorica, the capital of Montenegro.

In Singapore in 2023, he was originally slapped with four money laundering charges and one forgery charge. He faced an additional 11 charges by the following January, including a charge for possession of S$2.4 million in criminal benefits from unlicensed moneylenders in China. The additional charges were in connection to forged documents handed to brokerage firm UOB Kay Hian.

Wang is one of the wealthiest in the group of nine men and one woman arrested in the August 2023 police sweep. By January 2024, the authorities had seized over $200 million from Vang and his wife. During the time he was in custody from August 2023 to January 2024, over S$3.8 million in cryptocurrencies was withdrawn from his account.

Among the 10 individuals arrested, Wang had tried to make bail the most times, with his attempts even reaching the High Court.

The money laundering case, thought to be the biggest in Singapore’s history, made the headlines across the globe, in large part due to the size of the funds and assets seized.

The case caused the country’s financial institutions to tighten policies. The Monetary Authority of Singapore (MAS) said in an emailed statement after the police round-up that it looked into whether banks took every reasonable step to diminish the risks. /TISG

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