Singapore has charged Wang Junjie, a former director of corporate service provider LW Consultancy Pte Ltd, for his alleged involvement in the city-state’s largest money-laundering case, worth a record S$3 billion (US$2.2 billion), reports Bangkok Post.
The Singapore Police Force announced on Thursday that Wang faces 15 charges, including conspiracy to falsify accounts and making false representations. The offences carry penalties of fines and/or imprisonment. Wang has not commented on the charges despite efforts to reach him via email.
The case highlights the role of corporate secretarial agents as potential enablers in money laundering schemes. Wang, for instance, held directorial, shareholder, or secretarial roles in over 200 companies, according to Bloomberg News. At least nine of these firms were connected to three individuals arrested in 2023 for laundering illicit funds.
LW Consultancy provided corporate secretarial services for Singapore-based companies linked to Su Haijin and Su Baolin, who were arrested in 2023. Both received 14-month prison sentences for money laundering.
David Chew, head of the Singapore Police Force’s commercial affairs department, emphasized the responsibility of professional intermediaries, such as corporate service providers, to perform due diligence. He warned that criminals often exploit corporate structures to conceal the proceeds of illicit activities.
Singapore’s accounting regulator revoked both Wang’s registration and LW Consultancy’s license in 2024 for breaches of anti-money laundering regulations.
Bd-pratidin English/ Jisan
