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The last of 10 foreigners to be arrested in Singapore's largest money laundering bust has been sentenced to 17 months in jail.
In August 2023, the 10 individuals, aged between 31 and 44, were arrested by the Singapore Police Force for money laundering offences that amounted to S$3 billion ($2.22 billion). The case, which spanned scams, gambling, and other criminal activities, put a glaring spotlight on the role that digital currencies play in money laundering.
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On 10 June, Dubai property broker Su Jianfeng was sentenced to 17 months in jail for his involvement in the plan. Originally from China, the 36-year-old Vanuatu national pleaded guilty on 6 June to money laundering and forgery.
12 other charges including forgery, money laundering, and manpower-related offences for illegally hiring a persona chef, were also considered.
District Judge James Elisha Lee said Su disregarded Singaporean law, as evidenced by the charges showing his offences over an extended period.
Lee described Su's offences as being premeditated. “The role and ability of banks and financial institutions to detect and report suspicious transactions and deposits is an important component in the anti-money laundering framework in Singapore," Lee said.
“The accused’s act strikes directly at this critical function. The effect is not confined to frustration of the banks’ ability to ascertain the true sources of funds. It also impacts adversely on the overall ability of Singapore, as a reputable financial hub, to effectively carry out its anti-money laundering responsibilities,” the judge added.
Su will forfeit S$178.9 million of his assets as part of his sentence, including S$26.5 million in cryptocurrency.
Other assets Su will forfeit include S$2.4 million worth of 49 luxury bags, S$1.1 million in jewellery, and S$63.9 million across 12 properties.
Tan Kiat Pheng, chief prosecutor of the Attorney-General’s Chambers, said: "The swift prosecution of these 10 cases is a strong message to would-be criminals that Singapore will not tolerate attempts to flout our laws. We will take firm and swift action against those who exploit our system to launder illicit gains or commit white-collar crimes.”
Su claimed in court that he made his money as a real estate agent in Dubai but a data leak seen by The Straits Times and the Organised Crime and Corruption Reporting Project showed he was a property broker who worked with Singapore-based clients to sell properties in Dubai.
Such investors included wanted individuals in China and three others convicted in the S$3 billion case. At least 126 properties worth more than 537 million dirhams ($146.2 million) were purchased by the investors, including 30 purchased by Su himself.
Others convicted include Su Wenqiang, Su Haijin, Su Baolin, Wang Baosen, Vang Shuiming, Zhang Ruijin, Chen Qingyuan and Lin Baoying who were jailed for between 13 and 15 months each. Wang Dehai was sentenced to 16 months in jail.
Su Wenqiang, Wang Baosen, Su Baolin and Su Haijin were deported to Cambodia while Vang was deported to Japan.
