Singapore court jails second defendant in infamous money laundering case

Resisting arrest and two charges of money laundering resulted in a fourteen-month jail term for Su Haijin, a defendant in Singapore’s biggest-ever money laundering investigation, as reported by The Straits Times.

Su, a citizen of Cyprus, was one of 10 foreign people detained in Singapore in August of last year after coordinated searches that resulted in the confiscation or freeze of assets worth US$2.2 billion. These assets included rare jewels, luxury vehicles, cash, and mansions.

The original 14-count indictment against Su included things like evading arrest, filing false financial statements, and being in possession of around S$2.4 million (US$1.78 million) in alleged profits from illicit remote gambling. These further charges allegedly formed the basis of his sentencing, according to the article.

According to documents from the end of August, Su tried to avoid capture by leaping from a second-floor balcony of a residence.

On Tuesday, a Cambodian national named Su Wenqiang was sentenced to thirteen months in prison after being found guilty on two charges of money laundering. This punishment is a result of his guilty verdict. The lawsuit has now moved on to the remaining defendants.

In the wake of their inquiry, the authorities established an interministerial body to probe banks and other financial institutions for possible anti-money laundering and money laundering activities.

Government authorities are now considering whether to regulate luxury goods like designer handbags and vehicles and reassessing the tax advantages enjoyed by family offices.

Original story by: South China Morning Post