Singapore Court Charges Ex-Bankers in Massive Money Laundering Case

Two former bankers, Wang Qiming and Liu Kai, were charged in Singapore for aiding a group of foreigners who laundered $2.2 billion. Both were employed by Citibank and Julius Baer. Wang faces 10 charges including laundering $379,708, while Liu was charged with using forged documents. The case has led to significant financial reforms.

A Singapore court on Thursday charged two former bankers for their alleged roles in aiding a group of foreigners convicted of laundering $2.2 billion last year, marking the largest financial crime in the city's history. Wang Qiming and Liu Kai, former employees of Citibank and Julius Baer respectively, now face multiple charges.

Wang, 26, stands accused of laundering nearly S$500,000 ($379,708) and forging loan documents. Liu, 35, allegedly used a forged Chinese tax document to assist one of the convicted money launderers in opening a bank account in Switzerland. Both banks and the men's lawyers have yet to comment on the charges.

Citibank stated that Wang has not been employed by them since April 2022. The high-profile case, which led to simultaneous raids and the arrest of 10 foreigners last August, has sparked financial reforms. Authorities have formed an inter-ministerial panel to enhance anti-money laundering processes and scrutinize financial institutions. Singapore's government has flagged its banking sector as the highest money laundering risk in the city-state.

(With inputs from agencies.)