Two men convicted in Singapore's largest money laundering case have surrendered over $170 million worth of assets to the state after pleading guilty. The case involves a probe led by the Commercial Affairs Department that resulted in the seizure of more than $3 billion in cash and assets.
SINGAPORE – Two men convicted in Singapore ’s largest money laundering case surrendered more than $170 million worth of assets in total to the state, after they pleaded guilty earlier this week.sentenced to 13 months’ jail after admitting to two money laundering chargesThe 32-year-old is the first of 10 foreign nationals to be convicted over a probe, led by the Commercial Affairs Department , that saw more than $3 billion in cash and assets seized., or around 90 per cent of his assets.
Su Wenqiang’s defence lawyer Nandwani Manoj Prakash told the court on April 2 that the assets confiscated represent all his client’s earnings from an illegal gambling business based in the Philippines. If the assets are not contested, criminal lawyer Gino Hardial Singh from Abbots Chambers said they will likely be auctioned off, as many of the items involved are highly valuable.
He added: “The Singapore authorities may have to determine the rightful owners of the ill-gotten gains. This will be demanding, challenging and laborious since the sources of the illicit proceeds appear to be mostly outside Singapore.
Singapore Money Laundering Assets Guilty Plea Seizure Probe
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