According to Bloomberg, Singapore is preparing to charge two former Chinese bankers on Thursday in connection with the country's largest money-laundering case. The individuals, who were relationship managers at two foreign banks in Singapore, are accused of serving criminals involved in a S$3 billion ($2.3 billion) laundering scheme, as stated by the Singapore Police Force in an emailed statement on Wednesday. The names of the banks were not disclosed.The case has caused significant concern in the Asian financial hub, following the authorities' seizure of cash, properties, cryptocurrencies, and other assets totaling S$3 billion last year. Ten individuals of Chinese origin were imprisoned for laundering illicit funds from illegal overseas gambling operations and other offenses, while additional suspects remain at large.David Chew, director of the police force’s commercial affairs department, emphasized the seriousness with which Singapore views the laundering of criminal proceeds through its financial system. “Those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws,” Chew stated.The first banker is a 26-year-old male, and the second is a 35-year-old male. Additionally, a Singaporean driver is also set to be charged in connection with the case.
