Singapore sentences money launderer to 13 months in prison

By Low De Wei

(Bloomberg) — The first of 10 people arrested in Singapore last year in a record S$3 billion ($2.2 billion) money laundering case to plead guilty has been sentenced to 13 months in prison.

Su Wenqiang, 32, pleaded guilty during a court hearing on Tuesday. His prison sentence will be retroactive to his arrest in August.

Su was charged with 11 counts, including forgery and money laundering from criminal activities. This included buying several bottles of high-quality alcohol and paying 48,000 Singapore dollars a month in rent for a luxury apartment near the city-state's Orchard Road shopping strip. The prosecution brought two charges.

A clear message must be sent that money laundering is a serious crime and damages Singapore's reputation as a financial center, the public prosecutor told Su through an interpreter. Su's lawyers had asked for a reduced sentence because the victims of the illegal acts were not in Singapore.

Su's conviction marks the next chapter in a scandal that has engulfed the world's biggest banks and raised questions about the financial hub's safeguards against illicit money flows. More developments are expected this week, with at least one other suspect in custody expected to plead guilty, according to a scheduled court hearing.

Born in China's Fujian province and holding multiple passports, including Cambodian and Vanuatu, Su was accused of attempting to launder proceeds from an illegal online gambling service in the Philippines that targeted people in China.

— With assistance from Chanyaporn Chanjaroen.

©2024 Bloomberg L.P.