Money launderers use GXS Bank, MariBank, and Standard Chartered accounts for their criminal purposes

Three men were on Tuesday (May 13) charged with being members of a Singapore-linked organised crime group allegedly involved in money laundering.

Low Zhi Wei, Jang Wei Hong Dillon and Shuek Jin Hui are accused of being part of the group that is said to have made money by helping others retain criminal proceeds between July and August 2024.

The three Singaporeans also face charges of conspiring to receive, transfer or convert to cryptocurrency a sum of around S$839,440 (US$644,000) from 28 bank accounts in the same period.

They are said to have done this while having reasonable grounds to believe that their actions would help unknown persons to control criminal benefits.

In addition, the trio allegedly conspired to retain GXS Bank, Trust Bank and UOB accounts and keep the access codes with criminal intention, an offence under the Computer Misuse Act.

Their charge sheets state that the offences were allegedly committed with "others unknown".

Low, 35, faces five charges related to these allegations. Shuek, 36, and Jang, 27, are jointly accused of four other charges.

The duo allegedly conspired to receive, transfer, or convert S$284,400 from two bank accounts to cryptocurrency between September 15 and September 19, 2023.

They are also said to have retained GXS Bank, MariBank, and Standard Chartered accounts together, intending to use them for criminal purposes.

Jang faces nine charges related to these allegations, while Shuek faces two additional charges for 11.

While under investigation on Aug 23, 2024, Shuek is accused of refusing to provide access to two iPhones that belonged to him, which he was suspected of using in connection with alleged crimes.

He therefore allegedly twice failed to comply with the orders of an assistant superintendent of police to assist.

Low and Jang are out on bail of S$15,000, while Shuek is out on bail of S$30,000.

Mr Gavin Neo of WongPartnership represents Low and Shuek, while Mr Low Hui Hui of CrossBorders represents Jang.

The men have not indicated if they will plead guilty. Their cases will return to court for a pre-trial conference on May 19.

Consequences

• An organised crime group member can be punished with up to five years in prison, a fine of up to S$100,000, or both.
• Assisting the retention of criminal benefits carries a penalty of up to 10 years in jail, a fine of up to S$500,000 or both.
• If found guilty of retaining the bank accounts to commit an offence, each suspect could be jailed for up to three years, fined up to S$10,000, or both.
• If convicted of obstructing the lawful exercise of power by a police officer, Shuek could also be jailed for up to six months, fined up to S$5,000, or both.

Source

https://www.channelnewsasia.com/singapore/trio-charged-organised-crime-activities-allegedly-involving-money-laundering-5125876