SINGAPORE: The Singapore Police Force issued a statement on Friday (Jan 19) afternoon identifying two more suspects in the country’s largest money laundering case to date. Additionally, the value of the assets involved in the case is now over S$3 billion, the Police said.
The Police have issued prohibition of disposal orders for another 55 properties and 15 vehicles. They have seized various assets including 89 luxury bags, 34 pieces of jewellery, and five luxury watches as well.
The two additional suspects identified in the case are Su Yongcan, 33, and Wang Huoqiang, 29, both of whom are Cambodian nationals who previously held a passport issued by the People’s Republic of China (PRC).
Warrants of arrest and Interpol Red Notices have been issued against the two men for money-laundering offences under Section 54(1)(c) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.
Su and Wang are said to have left the country just before the Police carried out their operations in the money laundering case on Aug 15, 2023.
In Su’s case, the Police seized over S$16 million in cash and other foreign currencies and issued prohibition of disposal orders for seven properties and 10 vehicles, as well as freezing bank accounts with a total balance of more than S$145 million.
In Wang’s case, the Police seized around S$188,000 in cash and other foreign currencies and issued a prohibition of disposal order for one vehicle, and froze bank accounts with a total balance of more than S$5 million.
“Anyone with information on Su Yongcan and/or Wang Huoqiang’s whereabouts should call the Police Hotline at 1800-255-0000 (or +65 6255 0000 for overseas callers) or submit information online at www.police.gov.sg/iwitness. All information received will be kept strictly confidential,” the Police added.
In August, police rounded up 10 Chinese-born nationals holding various foreign passports, nine men and one woman, connected to the case. The case has made the headlines across the globe, in large part due to its size, as S$2.8 billion in funds and assets were involved.
The case also caused the country’s financial institutions to tighten policies. The Monetary Authority of Singapore (MAS) said in an emailed statement the following month that it looked into whether banks took every reasonable step to diminish the risks. /TISG
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