More banks involved in Singapore’s major money laundering scandal have been unveiled. This time, authorities seized assets at Julius Baer, Credit Suisse and more.
The Singapore police seized S$125 million ($92 million) from the accounts of Turkish national Vang Shuiming, according to a «Bloomberg» report citing an affidavit presented in the city-state's high court.
The assets were held in accounts at Credit Suisse Singapore (S$92 million) and Julius Baer (S$33 million). Previously, Vang also had $2.6 million frozen at RHB Bank Bhd. and S$600,000 at UOB Kay Hian Pte.
Illegal Gambling
Vang – also known as Wang Shuiming – is one of the ten arrested individuals involved in Singapore’s headline money laundering scandal involving over S$1.8 billion.
He is being charged with forgery and money laundering. In China, he is also wanted for illegal gambling activities alongside his brother Wang Shuiting, who is one of eight others also wanted by the Singapore police.
In total, Vang has had over S$200 million in assets seized. He has 11 luxury homes which are prohibited by court order from being sold.
Five More Firms
The frozen assets were a result of seizure orders sent by the Singapore police to eight financial institutions. Initial requests for documents have also been sent to financial institutions where Vang and his wife had assets. The four banks replied around a week later while information was still pending from five financial firms.
Details continue to emerge from the investigation and the ten alleged launderers – all originating from China – have had wide access to various banks in the city-state. Other lenders that have reportedly been used in some form include Bank of Singapore, CIMB, Citi, DBS and Deutsche Bank.
