These people “could be involved in illicit activities,” the executive director of MAS’ anti-money-laundering department said in the note. “As a matter of policy, MAS does not comment on our dealings with financial institutions,” MAS said in response to media queries.
As they go through the transactions, the MAS asked the firms to take actions such as filing a suspicious-transaction report as necessary, according to the document.
The 10 suspects include three Chinese nationals and seven other foreigners with purported Chinese passports.
Some of the suspects have operated in Singapore before 2020, according to local business filings. Chen Qingyuan, who holds a Cambodian passport, became a director and shareholder in a technology firm from October 2019, a filing to the Accounting and Corporate Regulatory Authority shows. Chen has been wanted by authorities in China’s Anxi County since early 2019.
Vang Shuiming, another suspect whose more than S$125 million has been seized from bank accounts including at Credit Suisse’s local unit and Bank Julius Baer, was appointed shareholder of another company in 2019. Another of the arrested, Su Haijin, was a director and shareholder of a software development firm in Singapore as early as 2017.
The 10 accused are in remand and haven’t entered pleas.
Additional reporting by Asia desk