Bittime - Singapore has just sentenced one of the defendants in a money laundering worth S$3 billion, or around IDR 33 trillion. Zhang Ruijin, a 45-year-old Chinese citizen, was sentenced to 15 months in prison after pleading guilty.
Biggest Money Laundering Case in Singapore
This case is in the public spotlight because it is the largest money laundering case that Singapore has ever handled. So far, five people have been found guilty of involvement in the case.
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Zhang Ruijin: Main Defendant with Longest Sentence
Among the defendants who have been sentenced, Zhang Ruijin laundered the most money, namely S$36 million or around Rp. 40.5 billion, and received the longest prison sentence, 15 months.
He is suspected of transferring the proceeds of the crime to his bank account in Singapore through a company in Hong Kong. Not only that, Zhang Ruijin was also accused of falsifying documents to deceive local banks.
Severe Penalties to Protect Singapore's Reputation
The judge handling this case believes that the sentence handed down to Zhang Ruijin should be quite severe. This is because the case involves elements of transnational crime, falsification of documents to defraud banks, and the overall complexity of the case. It is hoped that the severe punishment will provide a deterrent effect and maintain Singapore's reputation as an international financial center.
Assets Worth S$131 Million Confiscated
The investigation into this case succeeded in confiscating assets belonging to Zhang Ruijin worth a total of S$131 million, or around Rp. 147 billion. These assets consist of cash, property, vehicles and crypto assets.
After the trial is completed, around 90% of the confiscated assets will be confiscated by the state, including two separate assets belonging to Zhang Ruijin and his mother. The assets in question are a bungalow worth S$16 million (around Rp. 18 billion) and S$15.5 million (around Rp. 17.5 billion) in cash, both of which are located on Pearl Island, Sentosa.
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Singapore's Seriousness in Handling Financial Crimes
Handled seriously and resulting in strict sentences, this S$3 billion money laundering case is proof of the Singapore government's commitment to fighting financial crime. It is hoped that this effort can further strengthen trust in Singapore as a country with a clean and trustworthy financial system.
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Also Read:
What is Cryptocurrency Money Laundering (CML)?
Cryptocurrency regulations in Singapore and Thailand
Money Laundering: Cash vs Digital Assets Amid Growing Threats
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