{"id":68966,"date":"2023-09-13T16:23:48","date_gmt":"2023-09-13T08:23:48","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=68966"},"modified":"2023-09-13T18:53:51","modified_gmt":"2023-09-13T10:53:51","slug":"the-billion-dollar-money-laundering-case-and-properties","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/the-billion-dollar-money-laundering-case-and-properties\/","title":{"rendered":"The billion-dollar money laundering case & the properties in its wake"},"content":{"rendered":"
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Image credit: Canninghill Pier, Singapore Police Force (SPF)<\/em><\/p>\r\n\r\n\r\n\r\n

In a shocking turn of events that has sent ripples throughout Singapore, a colossal 1.8 billion-dollar money laundering case has recently come to light.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

In this article, we’ll explore the key details of the case, <\/span>the response from relevant authorities, and its impact on real estate.<\/p>\r\n\r\n\r\n\r\n

\"The<\/a>\r\n
Su Haijin, one of the ten foreign nationals implicated in a S$1 billion money laundering investigation, was apprehended at the Good Class Bungalow. Image credit: CNA, Syamil Sapari<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

The 1.8 Billion-dollar money laundering case – What unfolded<\/strong><\/h2>\r\n\r\n\r\n\r\n

On August 15th, Singapore witnessed an unprecedented islandwide anti-money laundering operation. Ten suspects were arrested in what’s being described as Singapore’s largest money laundering probe to date.<\/a><\/span><\/p>\r\n\r\n\r\n\r\n

The suspects, including Turkish national Vang Shuiming, face charges ranging from forgery to possessing criminal benefits worth S$2.4 million.<\/a> Astonishingly, the authorities have seized a billion dollars’ worth of assets. This includes luxury cars, houses, gold bars, jewelry, luxury watches, and substantial cash reserves.<\/span><\/p>\r\n\r\n\r\n\r\n

Vang Shuiming’s affidavit, presented on September 5th, unveiled assets including 11 condominium units, four properties, and three vehicles worth approximately S$29 million. His total assets in Singapore exceed S$200 million, with over S$962,000 in cash discovered during a police raid at his Good Class Bungalow (GCB) residence.<\/span><\/p>\r\n\r\n\r\n\r\n

Of the ten arrested, seven are former Chinese nationals who now hold citizenship in other countries, some with multiple passports. The remaining three are Chinese nationals with passports from other nations.<\/span><\/p>\r\n\r\n\r\n\r\n

The money laundering web extends to 105 properties valued at around S$831 million, encompassing Sentosa Cove bungalows, ten units in Canninghill Piers, and commercial spaces. In subsequent court hearings, it was revealed that suspects include spouses and relatives of the primary accused.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Authorities continue to investigate the suspects’ assets and businesses.<\/span><\/p>\r\n\r\n\r\n\r\n

\"real<\/a><\/figure>\r\n\r\n\r\n\r\n

CEA’s proactive response<\/strong><\/h2>\r\n\r\n\r\n\r\n

In response to this unprecedented crisis, the Council for Estate Agencies (CEA), in collaboration with industry insiders, has mandated stringent measures for real estate agents.\u00a0<\/span><\/a><\/p>\r\n\r\n\r\n\r\n

Real estate agents are now required to adhere to a due diligence checklist, which incorporates a list of “suspicious indicators,” encompassing client behaviour<\/a>. Additionally, clients’ details are also cross-referenced with international databases.<\/span><\/p>\r\n\r\n\r\n\r\n

Real estate agents must meticulously identify and verify the identity of their clients while assessing the risk of potential involvement in money laundering activities. They are obliged by law to retain records of these due diligence measures for a minimum of five years. <\/span><\/p>\r\n\r\n\r\n\r\n

Equally, agents are mandated to report any suspicious transactions or activities to the Commercial Affairs Department.<\/span><\/p>\r\n\r\n\r\n\r\n

Failure to comply with these requirements could result in fines of up to S$100,000 per case for property agents. Property agencies could face fines of up to S$200,000 per case.<\/a> Additionally, non-compliance may lead to the potential suspension or revocation of a property agency’s license or an agent’s registration.<\/span><\/p>\r\n\r\n\r\n\r\n

Read also:<\/strong>\u00a0Lessons from the GCBs money-laundering raid: 5 red flags in potential tenants landlords should know<\/a><\/p>\r\n\r\n\r\n\r\n