Chinese gambling boss involved in Singapore money laundering crisis

Wang Bingang, a Chinese national who played a significant part in the recent money laundering scandal in Singapore, has connections to the gambling industry. Wang is now evading police and is thought to be a part of the complex scheme.

He is the owner of Hongli International, a former Philippine Offshore Gaming Operator (POGO) with operations in the Philippines and Cambodia. Since its founding in 2012, Hongli International has generated millions of dollars annually.

When Singapore began searching as part of the money laundering investigation in August, Wang managed to avoid being detained. Authorities are frantically seeking for him, but the public hasn’t offered much assistance.

Wang and his wife, Wang Liyun, reportedly resided in a posh neighborhood in Tanglin, Singapore. The Straits Times visited, but they weren’t there, and it wasn’t clear how long they had been absent. According to reports, several family members stayed at the home and were often seen there.

Wang’s gaming business, Hongli International, was among the first authorized POGOs in the Philippines prior to the government crackdown on the sector. According to reports, Wang moved his company to Cambodia to avoid being discovered. He was finally detained by Chinese authorities in 2014 after they had been searching for him on accusations of engaging in illegal gambling. Wang was detained in China, but after his release he resumed his job.

The Singapore money laundering crisis is getting worse; the amount of assets seized has increased from the initial SGD 1 billion (US$740.4 million) to SGD 2.4 billion (US$1.75 billion). The investigation is not just focused on Wang and Hongli International; it has also been directed at Heng Bo Bao Wang, one of whose leaders, Wang Shuiming, was one of the 10 persons seized during the first raid.

Singaporean banks are collaborating with the investigation, which might have consequences for other Asian countries. Indonesia recently announced plans to close bank accounts linked to illegal gambling, however it did not specifically link this move to the money laundering event in Singapore. The decision to take this step was made in response to a request for account blocking from the Indonesian Ministry of Communication and Information Technology.

Original story by: Casino.org