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The middle of 2024 saw several Asian markets combatting illegal money activities and crimes within their gambling sectors.
The Philippines’ nationwide POGO ban, the crackdown on illegal money exchange in Macau casinos and Singapore setting more stringent rules for casino entries are some examples.
However, Singapore is once again in the spotlight as two former bankers of Chinese nationality were arrested and charged in the city-state’s biggest money laundering case with links to scams and illegal online gambling.
The suspects were Liu Kai, aged 35, former employee of Bank Julius Baer & Co; and Wang Qiming, aged 26, formerly of Citibank Singapore Ltd. Both Chinese nationals were accused of several crimes, which included submitting forged documents to cheat the bank and helping convicted criminals launder their funds.
The duo’s local Singaporean driver, Liew Yik Kit, aged 41, was also arrested for obstructing justice and lying to the police.
Ten more foreigners were arrested. All were members of a group suspected of laundering funds from overseas illegal sources that included scams and online gambling.
Assets worth more than SG$3bn (US$2.3bn) were seized during the massive operation by police. The assets included uptown properties, luxury cars and gold bars.
All the suspects would be deported once they have served their jail terms.
“We take a very serious view of the laundering of criminal proceeds through our financial system,” David Chew, Director of the Singapore police’s Commercial Affairs Department.
“Those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws.”
