Wang, aka Vang Shuiming, was one of 10 people convicted in Singapore’s notorious 2023 money-laundering case, one of the largest on record.
He and his associates funnelled a collective S$3 billion (£1.77 billion/€2.14 billion/$2.19 billion) in illegal gambling and scam profits through banks and tech firms. The online operations primarily targeted mainland Chinese bettors.
Interpol issued ‘red notice’ for Wang’s arrest
Wang has claimed both Turkish and Chinese citizenship. He also holds passports from Cambodia and Vanuatu. Local media report that he obtained the bogus documents through “donations” to those countries.
He travelled from the Maldives via private plane to Montenegro last month. At Tivat Airport, Montenegro police acting on an Interpol red notice intercepted him. Red alerts are issued for people “pending extradition, surrender or similar legal action”. Local media outlet Vijesti reported the arrest on 28 January.
In court proceedings in Singapore, Wang was convicted of depositing S$3.2 million into four bank accounts in the city-state, using forged documents. First, he claimed the funds originated in a Chinese loan business. Later, he said it came from real estate investments and gambling winnings in the Philippines.
In a plea deal, he agreed to forfeit S$240 million in assets. The haul included 15 properties, a S$1.8 million Rolls-Royce Phantom, a S$1.3 million Bentley Flying Spur, a S$240,000 crystal Kawai grand piano and Patek Philippe watches worth S$17.4 million.
He served 14 months in prison. On his release in June 2024, Singapore officials deported him to Japan. But he may still be subject arrest by China. According to The Online Citizen, a Taiwanese news outlet, last July Singapore Workers’ Party MP Sylvia Lim asked the MHA why Chinese nationals convicted of offences in Singapore were not deported to their homeland.
Singapore tightens AML measures
Singapore’s reputation as a global financial centre took a hit following the money-laundering scandal. But the government acted quickly to contain the damage.
In a 2024 money laundering risk assessment, the ministry of home affairs (MHA) noted “a high number of ML cases arising from foreign fraud, particularly cyber-enabled fraud”. It said multiple threats originated from “foreign organised crime, and in particular illegal online gambling”.
In response, the ministry introduced a new national anti-money laundering strategy to “combat ML amid rapidly changing risks and criminal typologies”.
The offensive seems to have reassured investors and policymakers. Even so, in the 36th annual Global Financial Centres Index, released last September, Hong Kong replaced Singapore as the top financial centre in Asia. They were third and fourth overall, behind New York and London. The index is based on data from the World Bank, the Economist Intelligence Unit, the Organisation for Economic Cooperation and Development and the United Nations, among other entities.
Could Wang fear stiffer punishment?
If extradited to China, Wang could face harsher penalties than the 16 months levied by Singapore authorities.
In 2021, Beijing raised the maximum sentence for running an illegal casino from three years in prison to five years. It also added new penalties for offshore gambling operators, “especially organisers, ringleaders and repeat offenders”.
In one stark example, in 2023 onetime Suncity junket boss Alvin Chau was jailed for 18 years for cross-border gambling and money laundering. Three months later, industry rival Levo Chan, head of the Tak Chun junket, got 14 years for unlawful gambling, money laundering and fraud.
Meanwhile, in Montenegro, criminal charges are pending against Wang. But police have not specified the charges or the jurisdiction.
Original article: https://igamingbusiness.com/people/fugitive-convicted-in-singapore-money-laundering-case-arrested-in-europe/
