Singapore’s money laundering scandal extends beyond the city-state to Hong Kong’s banking industry, reportedly involving UBS and two Chinese state-owned giants.
Wang Dehai, an arrested suspect in Singapore's headline money laundering scandal, kept more than $7 million with UBS as well as state-owned ICBC and Bank of China – the mainland’s first and fourth largest lenders, respectively – according to a «Bloomberg» report citing court documents.
Wang, 34, was arrested in August alongside nine other individuals as part of a crackdown on an alleged gambling ring that saw more than $2 billion of assets seized. Credit Suisse is reportedly being inspected by the Monetary Authority of Singapore after another suspect, Vang Shuiming, was found to hold S$92 million ($67 million) at the Swiss lender, which was taken over by UBS in June.
