In a record money laundering case, Singapore convicts its first suspect.

In a record money laundering case, Singapore convicts its first suspect.
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.

by Clement Tan

Markets

Sanwa becomes a target of ValueAct's investment.

Sanwa becomes a target of ValueAct's investment.

Markets
By 2050, the U.S. aims to triple its nuclear power, and coal communities may offer a way forward.

By 2050, the U.S. aims to triple its nuclear power, and coal communities may offer a way forward.

Markets
The U.S. government may face legal action from JPMorgan Chase over Zelle scams.

The U.S. government may face legal action from JPMorgan Chase over Zelle scams.

Markets
OPEC+ focuses on group compliance after delaying output increase.

OPEC+ focuses on group compliance after delaying output increase.

Markets
As Saudi supplies appear set to return, U.S. crude oil is on track for a weekly loss.

As Saudi supplies appear set to return, U.S. crude oil is on track for a weekly loss.

Markets
The key Fed inflation gauge in August came in at 2.2%, below the anticipated level.

The key Fed inflation gauge in August came in at 2.2%, below the anticipated level.

Markets
Ahead of crucial inflation information, treasury yields remained relatively unchanged.

Ahead of crucial inflation information, treasury yields remained relatively unchanged.

Markets
Lack of chipmaking tools hinders China's goal of semiconductor self-sufficiency.

Lack of chipmaking tools hinders China's goal of semiconductor self-sufficiency.

Markets
In September, French inflation decreased more than anticipated due to a decline in energy prices and transportation costs.

In September, French inflation decreased more than anticipated due to a decline in energy prices and transportation costs.

Markets
UniCredit and Commerzbank are scheduled to meet as a potential takeover looms.

UniCredit and Commerzbank are scheduled to meet as a potential takeover looms.

Markets
European markets anticipate an increase in value at the start of trading, as investors assess the global economic perspective.

European markets anticipate an increase in value at the start of trading, as investors assess the global economic perspective.

Markets
Industrial profits in China decline by 17.8% in August compared to the previous year.

Industrial profits in China decline by 17.8% in August compared to the previous year.

Markets
The majority of Asia-Pacific markets experience growth due to optimism surrounding China's stimulus, with Hong Kong predicted to increase by 3%.

The majority of Asia-Pacific markets experience growth due to optimism surrounding China's stimulus, with Hong Kong predicted to increase by 3%.

Markets
Despite the Fed's decision to lower interest rates last week, Treasury yields are increasing. What's the explanation?

Despite the Fed's decision to lower interest rates last week, Treasury yields are increasing. What's the explanation?

Markets
David Tepper believes the Fed must reduce interest rates by at least two or three additional times to maintain its reputation.

David Tepper believes the Fed must reduce interest rates by at least two or three additional times to maintain its reputation.

Markets
Nearly 3% drop in U.S. crude oil as Saudi reports commitment to production increase.

Nearly 3% drop in U.S. crude oil as Saudi reports commitment to production increase.

Markets
Despite Trump's better performance on inflation and the economy, Kamala Harris is predicted to win the election, according to a CNBC CFO survey.

Despite Trump's better performance on inflation and the economy, Kamala Harris is predicted to win the election, according to a CNBC CFO survey.

Markets
Economic data and Fed speaker comments keep investors focused on steady treasury yields.

Economic data and Fed speaker comments keep investors focused on steady treasury yields.

Markets
UniCredit, France's largest lender, has announced its plans to acquire Commerzbank, stating that there are "too many" European banks.

UniCredit, France's largest lender, has announced its plans to acquire Commerzbank, stating that there are "too many" European banks.

Markets
The Swiss central bank reduces interest rates by a quarter point for the third time this year.

The Swiss central bank reduces interest rates by a quarter point for the third time this year.

Markets

You might also like