https://www.bnnbloomberg.ca/business/2024/08/14/singapore-to-charge-two-ex-bankers-in-money-laundering-scandal/

(Bloomberg) -- Singapore is set to charge two unnamed former Chinese bankers on Thursday in the country’s biggest money-laundering case.

Both were relationship managers at two foreign banks operating in the city-state and served some of the criminals involved in the S$3 billion ($2.3 billion) case, the Singapore Police Force said in an emailed statement on Wednesday. The banks’ names were not disclosed.

The case sent shock waves across the Asian wealth hub after authorities last year seized cash, properties, cryptocurrencies and other assets totaling S$3 billion. Ten people of Chinese origin were sent to jail for laundering illicit funds from illegal overseas gambling operations and other offenses, while more remain at large.

“We take a very serious view of the laundering of criminal proceeds through our financial system,” David Chew, director of the police force’s commercial affairs department, said in the statement. “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.”

The first banker is a 26-year-old male and the other is a 35-year-old male. The third person to be charged is a Singaporean driver, according to the statement.