Singapore’s largest money laundering case - accused gets 6 new charges for submitting forged statements to Swiss bank.

In Singapore’s largest money laundering case, the assets seized include 207 properties, 77 vehicles, more than $1.45 billion in bank accounts, and over $76 million in cash in various currencies. Thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery have also been seized.

Vang Shuiming, 42, also known as Wang Shuiming, one of the 10 accused in Singapore’s largest money laundering case has had added to his mounting charge sheet [22 charges in total] as follows:-

• Vang Shuiming was charged with four counts of money laundering and 12 counts of submitting forged financial documents to banks.
• The money laundering charges relate to about $2.4 million held in four bank accounts. The sums are purportedly benefits from an unlicensed moneylending business in China.
• The forgery-related charges allege that Vang had submitted forged financial statements from three companies – Xiamen Mingxin Guarantee, Xiamen Yetian Trading and Xiamen Likanghang Trading – to UOB Kay Hian on June 28, 2022, as supporting documentation. He allegedly submitted a forged bank statement to Citibank Singapore in March 2021.
• March 27 was handed six more charges for allegedly submitted forged financial statements from two companies – Xiamen Yetian Trading and Xiamen Likanghang Trading – to Bank Julius Baer & Co’s Singapore branch on July 19, 2022, as supporting documentation. The financial statements mentioned in the new charges were from 2017 to 2019.

Vang Shuiming

• Now faces 22 charges in total – the most among the 10 accused.
• Was refused bail in October 2023 as there was a risk of Vang absconding as he had obtained passports from Turkey, Vanuatu and Cambodia.
• Is listed as a Turkish national in his charge sheets, was among 10 foreigners arrested on Aug 15, 2023, in island wide raids on luxury homes across Singapore, including in Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.
• Has cryptocurrency worth more than $3.8 million was withdrawn from Vang’s Binance account on Aug 17, 2023, while he was remanded.
• Has had Assets seized or are subject to prohibition orders in Singapore – these assets are worth more than $240 million [in the name of Vang and his wife].
• Has more than $35.5 million in assets abroad.

If convicted of

• Money laundering, Vang can be fined up to $500,000 and jailed for up to 10 years for each offence.
• Using a forged document as a genuine one, Vang can be jailed for up to four years and fined for each offence.

Source

https://www.singaporelawwatch.sg/Headlines/3b-money-laundering-accused-gets-6-new-charges-for-submitting-forged-statements-to-swiss-bank