SG employees removing their names from companies linked to S$2.8B money laundering case

SINGAPORE: Some individuals listed as part of the companies involved in the recent S$2.8 billion money laundering scandal have begun to remove their names from these firms. In August, 10 foreigners faced charges in court after authorities seized and froze around S$1 billion in assets, including luxury real estate, vehicles, luxury goods, gold bars, cryptocurrencies, and cars. The amount of money involved has grown since then, and the scandal has become the biggest in Singapore’s history and one of the largest in the world.

The 10 suspects—nine men and one woman—are Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming and Wang Baosen, were arrested by the Commercial Affairs Department.

An investigation by the Accounting and Corporate Regulatory Authority (ACRA) in relation to the money laundering scandal is ongoing. The people who’ve begun to take their names off of companies associated with the scandal were listed as directors, secretaries, or shareholders of these firms, which were launched by the suspects. The Straits Times reported that some of the people who’ve removed their names from the companies were listed in companies incorporated by others linked to the suspect, including the wives of those accosted.

The Singaporeans were also listed in firms incorporated by associates of those arrested, including the wives of some of the accused. For foreigners to incorporate a firm in Singapore, at least one of the company’s directors must live in the country and must be a citizen, permanent resident, or entrepreneur pass or employment pass holder. Foreigners must also hire a registered filing agent, including corporate service providers (CSPs).

ACRA has reached out to a number of these CSPs in relation to the scandal. ST has contacted several CSP officers who have done business with the companies that the suspects had begun or were listed as part of the companies’ officers.

Earlier this month, the President’s Challenge and Community Chest said they received substantial donations totalling over S$380,000 from individuals with names similar to those implicated in the money laundering case. The charities have not revealed the donors’ identities connected to the ongoing investigation.

The President’s Challenge acknowledged that they had identified donations exceeding S$350,000 from individuals sharing names with those charged in the money laundering case, as confirmed by a charity spokesperson on Oct 11. /TISG

https://theindependent.sg/explainer-what-is-money-laundering-how-can-countries-prevent-it/