Singapore’s S$3 billion money laundering saga: What happened in a nutshell, and what’s next?

For a situation involving S$ 3 billion, online reviewers claimed the words appeared light. &nbsp,

However, each individual case proceeded on its own, with different amounts that frequently were small in comparison to the billion-dollar physique.

For instance, Wang Baosen was accused of arraigning eight criminal charges totaling about S$ 600,000 in unlawful proceeds in his girlfriend’s bank account and of laundering S$ 1.48 million to purchase a luxurious apartment in Tomlinson Road. He pleaded guilty to just two of those counts.

The various six claims were taken into consideration.

He was given a 13-month prison term that must be contrasted with the utmost penalties that could have been imposed on him in light of the two charges brought against him.

Under the relevant Section 55 ( 2 ) a of the Corruption, Drug Trafficking and Other Serious Crimes ( Confiscation of Benefits ) Act, the maximum penalties&nbsp, are a jail term of up to three years, a fine of up to S$ 150, 000 or both.

Why did n’t the prosecution then use evidence for more money to be used? The prosecution has discretion to pursue appropriate charges based on the reliability of the evidence, which the public would n’t be privy to, as lawyer Tania Chin previously stated to CNA.

She added that the situation being described as apparently Singapore’s largest money laundering operation may have contributed to views of the prison terms being inadequate.

In October 2023, Second Minister for Home Affairs, Ms. Josephine Teo, declared in parliament that the situation was “one of the largest anti-money fraud businesses not just in Singapore, but possibly the entire world.”