Former Banker Who Helped Launder Rp34.5 Trillion In Singapore Diadili

UNSPLASH/Joshua Lawrence ILLUSTRATION

JAKARTA - The Singapore Court charged two former bankers for helping a group of foreigners convicted of laundering US$2.2 billion (or equivalent to Rp34.5 trillion) last year. This case is Asia's biggest financial crime.

Both Wang Qiming and Liu Kai are Chinese managers and citizens who work in Citibank and the private bank Julius Baer Switzerland.

Wang (26) faces 10 charges, including nearly S$500,000 (379,708 US dollars) laundering and falsifying loan documents.

Meanwhile Liu, 35, was charged with using fake Chinese tax documents to help one of the convicts of money laundering to open Julius Baer's Swiss bank account, according to court documents.

In a statement, Citibank said Wang had been out of work since April 2022.

"We are not commenting on the issues in court," reported by Reuters, Thursday, August 15.

Previously, the authorities carried out simultaneous raids and arrested 10 foreigners holding many passports in cases that attracted the attention of the city's country because it involved large amounts of money, cars, luxury goods and property.

Ten convicts of money laundering were sentenced to prison terms of between 13 and 17 months, and deported and barred from re-entering Singapore after completing their sentences.