Singapore convicts first suspect in record money laundering case

Singapore convicts first suspect in record money laundering case

A Porsche 911 Targa vehicle seized by police at a residence of Su Jiafeng, one of the suspects in the S$2.8 billion money-laundering case, in Singapore, on Wednesday, Oct. 25, 2023. Allegations have erupted that wealthy Chinese have been pouring ill-gotten gains into the Asian financial hub, in what the government itself describes as potentially one of the world’s largest money-laundering cases. Photographer: Ore Huiying/Bloomberg via Getty Images

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Singapore on Tuesday sentenced the first person to plead guilty in the Southeast Asia island-state’s biggest money laundering scandal to a 13-month imprisonment.

Cambodian national Su Wenqiang had faced 11 charges relating to forgery and laundering criminal proceeds. Public prosecutors went ahead with two counts of money laundering after an agreement to consider the remaining nine charges for sentencing.

The Singapore police said it has seized around 6 million Singapore dollars ($4.44 million) worth of assets from Su, who was arrested in August last year along with nine others of Chinese origin, in a case that has stunned many and raised doubts over Singapore’s reputation as a financial hub.

The value of all assets seized to date sits near 3 billion Singapore dollars, according to Singapore’s Ministry of Home Affairs.

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