In a landmark case, Singapore is witnessing its largest-ever money laundering case, as a group of suspects allegedly spent billions of dollars. The individuals involved are mostly of Chinese origin, including Wang Dehai, who has been under the scanner for his purported involvement in an illegal gambling ring in China. Wang and his wife established a family office in Singapore five years ago, and banking with Credit Suisse while taking advantage of passports from the tax haven of Cyprus.
They made substantial acquisitions in the city-state, including a condo in the prime Orchard area worth S$23 million ($17.2 million), maintaining an estimated $2.8 million in holdings. The case came to the public’s attention when Wang’s seemingly tranquil life drastically changed as his arrest in August, along with nine other individuals marked the commencement of this significant case.
Singaporean authorities have since seized more than S$2.8 billion in assets including gold bars, jewelry, 62 cars, and 152 properties. The number of apprehended assets may inflate further as many suspects involved in this case remain elusive. This unfolding development underlines the scale of financial crimes, stimulating further need for rigid regulatory laws and measures in Singapore and beyond.
For more details about the case, check the original coverage at Bloomberg Law.