SINGAPORE - The first person to plead guilty in the biggest money-laundering case in the history of Singapore has been sentenced to 13 months in jail.
The sentence of Su Wenqiang will be backdated to August last year, when he was arrested. A total of 10 foreigners were apprehended last year during raids at several locations in the city-state in connection with laundering of some S$3-billion (US$2.2 billion) in funds.
Su, 32, faced 11 charges including forgery and laundering criminal proceeds. The prosecution on Tuesday proceeded with two after he consented to the rest being taken into consideration for sentencing.
As part of a plea deal, Su also agreed to have all his seized assets worth nearly S$6 million forfeited to the state. This includes a Mercedes-Benz car, more than 200 bottles of alcohol, a Tiffany bracelet worth S$6,200 and more than S$2 million in a United Overseas Bank account.
A strong message needed to be sent that money laundering is a serious offence and affects Singapore’s reputation as a financial hub, the prosecution told Su through an interpreter in court.
Lawyers for Su had asked for a reduced sentence, arguing that the victims for the illegal acts were not in Singapore.
Su’s sentencing marks the next chapter in a scandal that has ensnared the world’s largest banks and raised questions about the financial hub’s safeguards against illicit money flows.
More developments are in store this week with at least one other suspect in remand also planning to plead guilty, according to a scheduled court hearing.
The police “will zealously keep our financial system clean and work hard to trace, seize and confiscate all criminal property brought into Singapore”, David Chew, director of the white-collar crime agency, said in a statement after Su’s sentence.
Su was born in Fujian province of China and holds multiple passports including those from Cambodia and Vanuatu. He was accused of seeking to launder proceeds from an illegal online gambling service based in the Philippines and targeting people in China.