In a record money laundering case, Singapore convicts its first suspect.
- Su Wenqiang, a 32-year-old Cambodian national, was the first of 10 individuals to be convicted for their role in a money laundering scandal.
- According to court documents, the Singapore police have confiscated over 3 billion Singapore dollars up to the present time.
On Tuesday, Singapore convicted the first individual involved in its largest money laundering case to 13 months in prison.
Su Wenqiang, a Cambodian national, was charged with 11 counts of forgery and laundering criminal proceeds. Prosecutors proceeded with two counts of money laundering following an agreement to defer sentencing on the remaining nine charges.
The Singapore police have confiscated approximately 6 million Singapore dollars ($4.44 million) worth of assets from Su, including over 2 million Singapore dollars in a bank account with United Overseas Bank, a Mercedes Benz, Chinese Moutai liquor, and jewelry from Tiffany's and Dior, according to court documents emailed to CNBC.
Su was accused of laundering income from his role in supporting an illegal offshore gambling service based in the Philippines, which primarily served mainland Chinese customers, according to court records.
In August 2019, Su, a 32-year-old Chinese national, was arrested along with nine others in a case that has shocked many and questioned Singapore's standing as a financial center. Two suspects remain at large.
Court documents reveal that the total value of assets seized so far surpasses 3 billion Singapore dollars.
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