Singapore dollars. Source: CNBC

Singapore Sentences Man to Prison in $2 Billion Money Laundering Case

Singaporean authorities have handed down a 13-month prison sentence to Su Wenqiang, a 32-year-old Cambodian national, for his involvement in a staggering money laundering scheme amounting to $2.2 billion (3 billion Singapore dollars).

The case unfolded in August 2023 when Singaporean police apprehended ten foreign nationals suspected of laundering proceeds from criminal activities, including online gambling, on an unprecedented scale. During the operation, law enforcement officials seized assets valued at several billion dollars, including luxury vehicles, timepieces, cash, jewelry, and wine, among other items.

The crackdown involved over 400 officers from various law enforcement agencies, conducting coordinated raids across multiple locations in the city-state. Among the individuals arrested was Wenqiang, who faced charges related to 11 criminal offenses.

The case underscores Singapore's commitment to combatting money laundering and illicit activities, with authorities taking decisive action to dismantle sophisticated criminal networks operating within its borders.

3 April 2024, 16:08

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