Singapore has handed down its first conviction in its biggest ever money laundering case, a global sensation involving the seizure of billions of dollars in luxury properties, cars and gold bars.
The accused, Soh Boon Keong, a Cambodian national, was sentenced to 13 months' jail in the Singapore District Court for two counts of money laundering. Soh pleaded guilty to 11 charges in the Singapore District Court, including receiving proceeds from illegal remote gambling and lying to obtain work passes for himself and his wife.
Investigations revealed that Su Wenqiang was involved in an illegal remote gambling business set up in the Philippines. The business provided its remote gambling services to overseas persons. Su was one of 10 foreigners who were arrested at the same time in Singapore last August. The trial of the other defendants is still ongoing.
Singapore's largest money laundering investigation
More than $2.2 billion in assets were seized and frozen during the investigation. About S$6 million (US$4.4 million) in assets were seized from Su, including cash, two cars, jewelry, luxury goods and alcohol.
The case prompted authorities to set up an inter-agency panel to review anti-money laundering measures and examine financial institutions suspected of involvement. Government agencies are also reviewing the office's tax incentives and considering whether high-value assets such as luxury vehicles and handbags should be regulated.
Su Wenqiang was involved in opening an illegal remote gambling business in the Philippines, which provided remote gambling services to overseas persons. He joined the business in 2019 when he settled in Manila, where he was mainly engaged in online gambling. Through this business, he met a person referred to in the court as “A” who was involved in providing remote gambling services to people living in foreign countries.
Su joined the operation and became a staff member of an illegal gambling website that maintained the business. Through these actions, Su facilitated a gambler who was not licensed in China and who used illegal services to participate in remote gambling.
Su was entitled to a share of the criminal proceeds generated by the illegal remote gambling operation, with a cut of the profits each month. He also learned that the head of the operation was an unknown individual from Taiwan. In 2021, he moved to Singapore because his wife wanted their two young children to study there. While in Singapore, Su continued to work for the illegal gambling operation and frequently traveled to the Philippines for work. His involvement in this operation led to his conviction in Singapore's largest money laundering case.
Money laundering is a widespread problem and in this case, illegal gambling plays a major role as a source of illicit funds. The importance of strong anti-money laundering measures cannot be overstated and the authorities’ relentless vigilance and enforcement are vital in combating these illegal activities.
