Singapore Financial Scandal: Ex-Bankers Charged in Massive Money Laundering Case

A Singapore court charged Wang Qiming and Liu Kai, former bankers from Citibank and Julius Baer, with aiding a $2.2 billion money laundering scheme. The scandal led to significant reforms in Singapore's financial system, including changes to anti-money laundering laws and the establishment of an inter-ministerial review panel.

A Singapore court on Thursday charged two former bankers for their roles in assisting a group of foreigners convicted of laundering $2.2 billion in the largest financial crime the Asian financial hub has seen.

Wang Qiming, 26, and Liu Kai, 35, Chinese nationals who were employed by Citibank and Swiss private bank Julius Baer, respectively, face serious allegations. Wang is charged with laundering almost S$500,000 ($379,708) and forging loan documents. Liu stands accused of using a forged Chinese tax document to help a convicted launderer open a Julius Baer account in Switzerland.

Neither banker's lawyer immediately responded to requests for comment. Julius Baer expressed its full cooperation with the authorities, while Citibank noted that Wang has not been in their employ since April 2022. The case has driven significant changes, including legislative overhauls and the formation of an inter-ministerial panel to scrutinize money laundering processes within financial institutions.

(With inputs from agencies.)