Singapore's Largest Money Laundering Case: 12.8 Billion Yuan Black Money Network Unveiled

In mid-August, the Singapore police uncovered a shocking major money laundering case that stunned the entire nation. After a series of investigations and actions, the amount involved surged from an initial 5.4 billion yuan to 12.8 billion yuan, making it the largest money laundering case in Singapore's history.

The police dispatched more than 400 personnel to conduct searches in multiple locations across the country. During the operation, 10 main suspects were arrested, and another 8 are wanted and at large. The police seized 110 properties, 62 luxury cars, large amounts of cash, and luxury goods. There were as many as 68 gold bars, and the amount of virtual assets reached 190 million yuan.

The 10 suspects are all from Fujian, China, and are referred to as the "Fujian Gang". Since arriving in Singapore in 2017, they have lived in luxury areas and led extravagant lives. They have laundered huge amounts of dirty money through various means, including setting up shell companies, purchasing properties, and money laundering in casinos.

Investigations show that this dirty money mainly comes from online gambling and fraud activities. The most notable figures are Wang Shuiming and Su Haijin. Wang Shuiming is known as "Daming Zong", operating multiple online gambling groups in the Philippines with astonishing scale. Su Haijin is active in the online fraud field in the Philippines, while also being enthusiastic about social activities and charitable donations in Singapore to raise his profile.

This case has exposed vulnerabilities in Singapore's anti-money laundering and entry examination processes. Several banks have begun to tighten their account opening and transaction reviews, particularly concerning holders of passports from certain countries. Visa applications have also become more stringent.

For the cryptocurrency industry, the involvement of individuals using USDT for Money Laundering may lead to Singapore tightening relevant policies further. The government has stated that it will strengthen regulations to prevent Singapore from becoming a Money Laundering paradise.

The case is still under investigation, and the assets involved will be disposed of in accordance with the law. For the convicted suspects, they will serve their sentences in Singapore and may subsequently be deported to their home country or a country with an extradition agreement. This case will undoubtedly impact Singapore's status as a financial hub and its international reputation, and it has also sparked widespread public concern about economic crimes.