Wang Junjie, 43, admitted to conspiring with Su Haijin and Su Baolin to submit false tax information and breach director duties, linked to Singapore's S$3 billion money laundering case.
Wang Junjie, a 43-year-old Singapore an and former director of a corporate service provider, pleaded guilty on Wednesday (Jun 3) to charges related to Singapore 's largest money laundering case, involving S$3 billion (US$2.34 billion).
Wang conspired with Su Haijin and Su Baolin, two men convicted in the scandal, to submit false tax information and breach his duties as a company director. The case highlights the intricate web of professional services that enabled the laundering of illicit funds through Singapore's financial system. Wang was employed by his own company, LW Business Consultancy, which provided corporate secretarial, accounting, and taxation services from 2018 to 2023.
During this period, he acted as corporate secretary and director for Xinbao Investment Holdings, where Su Baolin was a director, and Yihao Cyber Technologies, where Su Haijin was a director. Su Haijin explicitly told Wang that he would be a mere nominee director with no involvement in operations. Despite this, Wang knowingly filed false tax returns for Yihao Cyber Technologies, declaring revenues and profits that were fabricated to make the company appear profitable.
In one filing, he reported revenue of S$804,969 identical to gross profits, resulting in zero tax liability, even though the company had no genuine business activity or employees in Singapore. Wang admitted to calculating figures arbitrarily as long as his client approved them, without conducting any due diligence. The prosecution revealed that the false representations were intended to boost Su Haijin's chances of obtaining permanent residency in Singapore.
Authorities seized approximately S$170 million from Su Haijin and S$72 million from Su Baolin, including luxury properties, cash, and high-value items. Both were sentenced to 14 months' jail in April 2024. Wang initially contested the charges but changed his plea on the first day of trial. He pleaded guilty to two charges of making false representations to the Inland Revenue Authority of Singapore (IRAS) and breaching director duties, with 13 other similar charges considered for sentencing.
Wang's sentencing has been adjourned. The case underscores the role of professional enablers in facilitating large-scale financial crimes and the regulatory scrutiny they face in Singapore's ongoing crackdown on money laundering
Money Laundering Corporate Fraud Singapore Tax Evasion Legal Proceedings
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