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<p>Two former bank employees, both Chinese nationals, were charged in Singapore on Thursday in connection with the city-state's biggest money laundering case, police said.</p>

<p>Assets worth more than Sg$3.0 billion ($2.3 billion) -- including upmarket properties, luxury cars and gold bars -- were seized in massive police operations that began in August last year.</p>

<p>Ten foreigners were arrested -- members of a group suspected of laundering proceeds of overseas criminal activity including scams and online gambling.</p>

<p>They were subsequently convicted and deported after serving jail terms. They all hail from China, but most hold passports from Cambodia, Turkey, Cyprus and Vanuatu.</p>

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<p>On Thursday, two former bankers suspected of helping those convicted were charged at a district court.</p>

<p>Liu Kai, 35, formerly with Bank Julius Baer &amp; Co, was accused of helping one of those convicted to submit a forged Chinese tax document to open an account in Switzerland, according to the charge sheet.</p>

<p>Wang Qiming, 26, a former employee of Citibank Singapore Ltd, 26, was slapped with 10 charges, including forging documents to cheat the bank and laundering funds belonging to one of the convicted.</p>

<p>Liew Yik Kit, 41, a Singaporean who served as a personal driver of a suspect who absconded, was also charged Thursday -- with lying to the police and obstructing justice.</p>

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<p>"We take a very serious view of the laundering of criminal proceeds through our financial system," David Chew, director of the Singapore police's Commercial Affairs Department, a white-collar crime investigation agency.</p>

<p>"Those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws," he said in a statement.</p>

<p><em>Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for the WION&nbsp;audience.</em></p>


Two former bank employees, both Chinese nationals, were charged in Singapore on Thursday in connection with the city-state's biggest money laundering case, police said.

Two former bank employees, both Chinese nationals, were charged in Singapore on Thursday in connection with the city-state's biggest money laundering case, police said. Assets worth more than Sg$3.0 billion ($2.3 billion) -- including upmarket properties, luxury cars and gold bars -- were seized in massive police operations that began in August last year. Ten foreigners were arrested -- members of a group suspected of laundering proceeds of overseas criminal activity including scams and online gambling. They were subsequently convicted and deported after serving jail terms. They all hail from China, but most hold passports from Cambodia, Turkey, Cyprus and Vanuatu. Also read: Belgian woman allegedly raped for 5 days in Islamabad, police arrest suspect; investigation underway On Thursday, two former bankers suspected of helping those convicted were charged at a district court. Liu Kai, 35, formerly with Bank Julius Baer & Co, was accused of helping one of those convicted to submit a forged Chinese tax document to open an account in Switzerland, according to the charge sheet. Wang Qiming, 26, a former employee of Citibank Singapore Ltd, 26, was slapped with 10 charges, including forging documents to cheat the bank and laundering funds belonging to one of the convicted. Liew Yik Kit, 41, a Singaporean who served as a personal driver of a suspect who absconded, was also charged Thursday -- with lying to the police and obstructing justice. Also read: Musk sacked Twitter employee for failing to click 'yes', now gives him a payout of... "We take a very serious view of the laundering of criminal proceeds through our financial system," David Chew, director of the Singapore police's Commercial Affairs Department, a white-collar crime investigation agency. "Those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws," he said in a statement. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for the WION audience.

Ex-bankers charged in Singapore’s largest $2.3 billion money laundering case

<p>Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million.</p>

<p>South China Morning Post (SCMP) reported that Singapore Police Force (SPF) arrested 10 foreign nationals, including three Chinese, in the crackdown and seized cash, prime properties, luxury cars and other valuable assets.</p>

<p>The authorities said Wednesday it was a well-coordinated operation involving several agencies and more than 400 personnel, including those from the Criminal Investigation Department, Commercial Affairs Department (CAD), Special Operations Command or riot police, and Police Intelligence Department.</p>

<h2><strong>What are the allegations against those arrested?</strong></h2>

<p>According to the authorities, the group is allegedly involved in laundering money earned through criminal activities overseas, such as scams and online gambling.</p>

<p>Police said another 12 are assisting the investigations while eight people were put on the most-wanted list and are currently on the run.</p>

<p>The police identified them through extensive investigations, including the analysis of suspicious transaction reports (STRs) made by financial institutions about suspicious activity, as reported by Strait Times.</p>

<h2><strong>Police in action mode</strong></h2>

<p>The police have issued a prohibition of disposal orders for 94 properties and 50 vehicles, collectively valued at over S$815 million, along with various ornaments, bottles of liquor, and wine.</p>

<p>These orders prohibit the suspects from selling the mentioned properties and vehicles as the police open an investigation.<br />
<br />
In addition, the police have seized over 35 associated bank accounts, holding an estimated total balance exceeding S$110 million, to aid investigations and prevent the transfer of suspected criminal proceeds.</p>

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<p>Furthermore, the authorities have confiscated more than S$23 million in cash, over 250 luxury bags and watches, 120 electronic devices including computers and mobile phones, over 270 pieces of jewellery, two gold bars, and 11 documents containing information about virtual assets.</p>

<h2><strong>Singapore’s ‘zero tolerance’ policy</strong></h2>

<p>Singapore’s Commercial Affairs Department (CAD) said in a statement that they were committed to keeping their country from becoming a safe haven for financial criminals.</p>

<p><strong>Watch:&nbsp;Indian woman jumps from cruise ship, dies in Singapore strait</strong></p>

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<p>CAD director David Chew said, “We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities."</p>

<p>“Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he added.</p>

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Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million.

Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million. South China Morning Post (SCMP) reported that Singapore Police Force (SPF) arrested 10 foreign nationals, including three Chinese, in the crackdown and seized cash, prime properties, luxury cars and other valuable assets. The authorities said Wednesday it was a well-coordinated operation involving several agencies and more than 400 personnel, including those from the Criminal Investigation Department, Commercial Affairs Department (CAD), Special Operations Command or riot police, and Police Intelligence Department. What are the allegations against those arrested? According to the authorities, the group is allegedly involved in laundering money earned through criminal activities overseas, such as scams and online gambling. Police said another 12 are assisting the investigations while eight people were put on the most-wanted list and are currently on the run. The police identified them through extensive investigations, including the analysis of suspicious transaction reports (STRs) made by financial institutions about suspicious activity, as reported by Strait Times. Police in action mode The police have issued a prohibition of disposal orders for 94 properties and 50 vehicles, collectively valued at over S$815 million, along with various ornaments, bottles of liquor, and wine. These orders prohibit the suspects from selling the mentioned properties and vehicles as the police open an investigation. In addition, the police have seized over 35 associated bank accounts, holding an estimated total balance exceeding S$110 million, to aid investigations and prevent the transfer of suspected criminal proceeds. Also read: Disney to close Lucasfilm Singapore studio amid industry challenges and restructuring Furthermore, the authorities have confiscated more than S$23 million in cash, over 250 luxury bags and watches, 120 electronic devices including computers and mobile phones, over 270 pieces of jewellery, two gold bars, and 11 documents containing information about virtual assets. Singapore’s ‘zero tolerance’ policy Singapore’s Commercial Affairs Department (CAD) said in a statement that they were committed to keeping their country from becoming a safe haven for financial criminals. Watch: Indian woman jumps from cruise ship, dies in Singapore strait × CAD director David Chew said, “We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities." “Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he added. WATCH WION LIVE HERE ×

Singapore’s massive anti-money laundering operation: Cash, assets worth $700mn seized, 10 arrested

<p>Singapore&#39;s central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1Malaysia Development Berhad (1MDB) as it vowed strong action against potential violators.</p>

<p>1MDB was set up in 2009 by Malaysian Prime Minister Najib Razak for turning Kuala Lumpur into a destination for investors. It started to attract negative attention in early 2015 after it missed payments for some of the $11bn it owed to banks and bondholders.</p>

<p>The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease operations in the city-state because of &quot;serious failures in anti-money-laundering (AML) controls and improper conduct&quot; by senior management both at the head office in Switzerland and the local branch.</p>

<p>&quot;Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS AML requirements and expectations,&quot; it said in a statement.</p>

<p>&quot;Taking into account the totality of Falcon Bank&rsquo;s conduct, MAS&rsquo; assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward.&quot;</p>

<p>The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on&nbsp;preventing money laundering and countering the financing of terrorism.</p>

<p>MAS also said it received information that Falcon Bank&#39;s Singapore branch manager, Jens Sturzenegger, had been arrested on October 5 by the Commercial Affairs Department (CAD), the Singapore government&#39;s main white-collar crime investigation agency.</p>

<p>The bank&#39;s parent firm Falcon Private Bank said in a statement from Zurich that it welcomed the completion of investigations by Singaporean and Swiss regulators of its involvement in 1MDB. However, it said that while the withdrawal of its Singapore banking license is &quot;regrettable and disappointing, the decision will not impact the strategic development of the bank&quot;.</p>

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<h5>The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on&nbsp;preventing money laundering and countering the financing of terrorism.</h5>
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<p>It pledged an orderly winding down of its Singapore operations. Singapore, a regional financial hub, last year launched a probe into alleged illicit fund flows linked to a 1MDB.</p>

<p>Allegations of misappropriations of millions of dollars from 1MDB have triggered a corruption scandal in neighbouring Malaysia that has embroiled Prime Minister Najib Razak. Both Najib and 1MDB have strongly denied any wrongdoing. Switzerland and the United States are also conducting their own investigations into 1MDB.</p>

<p>MAS announced that it has also fined local bank DBS and Swiss lender UBS for several breaches of anti-money laundering requirements.</p>

<p>&nbsp;</p>

<p><strong>Aggressive action</strong></p>

<p>It said the &quot;control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively&quot; and that it did not find &quot;pervasive control weaknesses&quot; in these banks.</p>

<p>DBS, Singapore&#39;s biggest lender, was ordered to pay Sg$1 million for 10 violations while UBS was ordered to pay Sg$1.3 million for 13 breaches. A DBS spokesman said the bank takes its anti-money laundering obligations seriously and will take action to punish those staff responsible, including senior executives.</p>

<p>DBS will donate profits from its lapses to a &quot;worthy cause,&quot; the spokesman said.</p>

<p>Singapore&#39;s regulator in May kicked out Swiss bank BSI for similar violations linked to the 1MDB probe, the first time it ordered a bank to shut in 32 years. At least three former BSI private bankers have been charged in Singapore in relation to the investigations.</p>

<p>In July, Singapore authorities said they had seized nearly $180 million in assets through investigations into the 1MDB scandal.</p>

<p>Singapore closely guards its reputation for financial integrity and has admitted that money laundering hurts its image.</p>

<p>The Paris-based financial watchdog Financial Action Task Force last month urged Singapore to take more aggressive action against complex cross-border money laundering. MAS chief Ravi Menon said on Tuesday that &quot;keeping Singapore a clean and trusted financial centre is a shared responsibility&quot; and urged bank senior management to play a crucial role.</p>

<p>&quot;They must set the tone from the top --- that profits do not come before right conduct,&quot; he said, warning that the MAS &quot;will take strong deterrent actions against institutions that fall short&quot;.</p>

<p>The MAS also said it is in the final stages of assessment for the Singapore branch of Standard Chartered Bank and has referred Raffles Money Change, a local financial company, for investigation by the CAD.</p>

<p>Falcon Private Bank is owned by the International Petroleum Investment Company from Abu Dhabi, one of the &nbsp;world&#39;s leading sovereign wealth funds.<br />
<br />
(AFP)</p>


Singapore launched a probe last year into alleged illicit fund flows linked to the Malaysian fund 1MDB

Singapore's central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1Malaysia Development Berhad (1MDB) as it vowed strong action against potential violators. 1MDB was set up in 2009 by Malaysian Prime Minister Najib Razak for turning Kuala Lumpur into a destination for investors. It started to attract negative attention in early 2015 after it missed payments for some of the $11bn it owed to banks and bondholders. The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease operations in the city-state because of "serious failures in anti-money-laundering (AML) controls and improper conduct" by senior management both at the head office in Switzerland and the local branch. "Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS AML requirements and expectations," it said in a statement. "Taking into account the totality of Falcon Bank’s conduct, MAS’ assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward." The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on preventing money laundering and countering the financing of terrorism. MAS also said it received information that Falcon Bank's Singapore branch manager, Jens Sturzenegger, had been arrested on October 5 by the Commercial Affairs Department (CAD), the Singapore government's main white-collar crime investigation agency. The bank's parent firm Falcon Private Bank said in a statement from Zurich that it welcomed the completion of investigations by Singaporean and Swiss regulators of its involvement in 1MDB. However, it said that while the withdrawal of its Singapore banking license is "regrettable and disappointing, the decision will not impact the strategic development of the bank". The central bank said it fined Falcon Bank Sg$4.3 million (US$3.1 million) for 14 breaches of a law on preventing money laundering and countering the financing of terrorism. × It pledged an orderly winding down of its Singapore operations. Singapore, a regional financial hub, last year launched a probe into alleged illicit fund flows linked to a 1MDB. Allegations of misappropriations of millions of dollars from 1MDB have triggered a corruption scandal in neighbouring Malaysia that has embroiled Prime Minister Najib Razak. Both Najib and 1MDB have strongly denied any wrongdoing. Switzerland and the United States are also conducting their own investigations into 1MDB. MAS announced that it has also fined local bank DBS and Swiss lender UBS for several breaches of anti-money laundering requirements. Aggressive action It said the "control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively" and that it did not find "pervasive control weaknesses" in these banks. DBS, Singapore's biggest lender, was ordered to pay Sg$1 million for 10 violations while UBS was ordered to pay Sg$1.3 million for 13 breaches. A DBS spokesman said the bank takes its anti-money laundering obligations seriously and will take action to punish those staff responsible, including senior executives. DBS will donate profits from its lapses to a "worthy cause," the spokesman said. Singapore's regulator in May kicked out Swiss bank BSI for similar violations linked to the 1MDB probe, the first time it ordered a bank to shut in 32 years. At least three former BSI private bankers have been charged in Singapore in relation to the investigations. In July, Singapore authorities said they had seized nearly $180 million in assets through investigations into the 1MDB scandal. Singapore closely guards its reputation for financial integrity and has admitted that money laundering hurts its image. The Paris-based financial watchdog Financial Action Task Force last month urged Singapore to take more aggressive action against complex cross-border money laundering. MAS chief Ravi Menon said on Tuesday that "keeping Singapore a clean and trusted financial centre is a shared responsibility" and urged bank senior management to play a crucial role. "They must set the tone from the top --- that profits do not come before right conduct," he said, warning that the MAS "will take strong deterrent actions against institutions that fall short". The MAS also said it is in the final stages of assessment for the Singapore branch of Standard Chartered Bank and has referred Raffles Money Change, a local financial company, for investigation by the CAD. Falcon Private Bank is owned by the International Petroleum Investment Company from Abu Dhabi, one of the world's leading sovereign wealth funds. (AFP)

Singapore shuts down second bank for alleged link to Malaysian money laundering scam