A former wealth banker at Citigroup got the longest sentence in Singapore’s biggest money laundering case for his role in aiding the movement of illicit funds and obstructing justice.
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Wang Qiming, a former relationship manager at Citibank Singapore, was sentenced to 24 months in prison after he pleaded guilty to four out of 10 charges. The prosecutor sought 24 to 30 months’ imprisonment while Wang’s defence lawyer argued for seven to 11 months.
The prosecutor argued that Wang knew the importance of anti-money-laundering procedures but actively forged supporting documents and “flagrantly breached” his duties at the bank. The defence countered that Wang did not personally benefit from the laundered funds and that Citibank “suffered no direct loss”.
Former Julius Baer Group banker Liu Kai is scheduled to plead guilty on Friday, according to the hearing list on the Singapore Courts website.
The two cases are being closely watched for what they will show about the adequacy of banking safeguards against dirty money flows. The S$3 billion (US$2.3 billion) scandal in Singapore two years ago raised questions about the risks of the financial hub’s ambition to attract some of the world’s richest. The two relationship managers are the only financial professionals charged in connection with the case.
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Authorities in the city state arrested 10 people in 2023, eventually handing them jail sentences ranging from 13 months to 17 months and deporting them after their releases.
Wang and Liu could not be reached for comment through their lawyers. Citigroup declined to comment before Thursday’s hearing.