Property agents pay more heed to compliance checks after massive billion-dollar money laundering case - CNA

ABOUT THE CASE

On Aug 15, news broke that more than S$1 billion in assets had been seized or frozen and 10 suspects arrested in a massive money laundering crackdown.

These assets, which have since ballooned in value to S$1.8 billion, include luxury properties, cars, gold bars, jewellery and watches, cryptocurrency and cash or bank accounts. The suspects have been charged with various offences including forgery and money laundering.

The fact that many of the suspects were arrested at Good Class Bungalows (GCBs), Sentosa Cove properties or luxury condominiums - which they either owned or were renting - also raised eyebrows.

Police said the GCBs were not owned by the suspects, and excluding those residences, prohibition of disposal orders were issued to 105 properties, estimated to be worth S$831 million.

These properties are owned by those under investigation, their spouses or companies. They include seven bungalows at Sentosa Cove, 79 condominium units - with 19 under construction - and 19 commercial/industrial spaces.

On Wednesday, it was reported that one suspect, Vang Shuiming, had financed the purchase of 10 units at luxury condominium Canninghill Piers and another unit at Park Nova.

Vang and the nine other suspects are citizens of either Cyprus, Türkiye, China, Cambodia or Ni-Vanuatu. All hold multiple passports: For instance, Zhang Ruijin is a Chinese citizen but also has a passport from St Kitts and Nevis; another Chinese suspect Lin Baoying also has passports from Dominica and Türkiye.

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