THE seventh accused in the billion-dollar money laundering bust was sentenced to 15 months’ jail after pleading guilty to two money laundering and one forgery charges on Thursday (May 23).
Cambodian national Chen Qingyuan, one of the 10 foreign nationals involved in the S$3 billion high-profile money laundering case in Singapore, agreed to forfeit to the state about 90 per cent of his seized assets or around S$22 million valued as at mid-May.
Chen, who holds passports from Dominica and China, was arrested on Aug 15 last year at his Leonie Hill Road condominium in an islandwide anti-money laundering blitz.
The 34 year old, who faces 10 charges of money laundering and forgery, pleaded guilty in person at the District Court to three charges and agreed to have the remaining seven money laundering and forgery charges taken into consideration for sentencing. His 15 months’ jail term was backdated to his date of arrest.
Investigations revealed that Chen was involved in remote gambling offences overseas, and had transferred proceeds from his illegal activities into Singapore.
Chen had in 2021 provided forged documents to Standard Chartered Bank (StanChart) to justify the source of monies flowing into his girlfriend’s StanChart account for the proceeded forgery charge.
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The accused was also involved in submitting three other forged documents to StanChart in response to the bank’s requests on the source of funds – the subject matter of three of the charges taken into consideration for sentencing.
For Chen’s two other proceeded charges, he was said to have used illicit funds to buy a S$1 million Land Rover, as well as possessing cash of varying amounts and currencies totalling S$614,750.90 when he was arrested.
More than S$23 million worth of his assets – including cash, money in bank accounts, real estate, vehicles and cryptocurrency – were seized or issued prohibition of disposal orders, which means they cannot be sold. Around S$4.2 million of his girlfriend’s assets were also seized or frozen.
For Chen’s imprisonment sentence, the prosecution argued for between 15 and 17 months, while the defence contended for 14 months.
Deputy Public Prosecutor Foo Shi Hao pointed out that the amount of S$8 million involved across Chen’s money laundering charges was the second-highest among those who were rounded up in the raid and had pleaded guilty, after Zhang Ruijin. Moreover, Chen is keeping 10 per cent of the seized assets, whereas two of the five money launderers who have been sentenced forfeited all their seized assets.
Defence counsel Gary Low said the sentence sought by the prosecution is not fair and is the lengthiest among the six before Chen, comparing the circumstances of the other accused with his client’s.
Six other accused have been dealt with by the court in Singapore’s biggest money laundering bust.
Su Wenqiang and Wang Baosen, both 32, were each handed 13-month jail terms. Su Haijin, 41, and Su Baolin, 42, were each given 14 months’ jail, while Zhang, 45, was sentenced to 15 months’ jail – the highest jail term meted out so far – and Vang Shuiming, 42, got 13 months and six weeks.
The cases of Su Jianfeng, 36; Lin Baoying, 44; and Wang Dehai, 35, are pending, with Wang and Lin having indicated their intention to plead guilty.
Between S$5.9 million and S$180 million in assets, or a total of nearly S$542 million, were forfeited by the six accused persons who pleaded guilty earlier.
The proceeds of the sale, along with forfeited cash, will then be paid into the Consolidated Fund, which is like a bank account held by the government.
The revenues of Singapore are paid into this fund, out of which government expenditures are made.
