MAS issues prohibition orders against ex-bankers involved in S$3 billion money laundering scandal

The Monetary Authority of Singapore (MAS) on Tuesday (Mar 17) issued prohibition orders against two former bankers from Citigroup and Swiss private bank Julius Baer who were convicted in 2023’s S$3 billion money laundering scandal.

Wang Qiming, previously a relationship manager at Citibank Singapore, was given a 16-year prohibition order, and Liu Kai, who was formerly a relationship manager at Julius Baer, was issued with a seven-year prohibition order. 

Under the prohibition orders, which took effect on Tuesday, Wang and Liu are barred from conducting any MAS-regulated activities. They are also prohibited from participating, directly or indirectly, in the management of any financial institution, or from serving as a director, partner or manager in such entities. 

Additionally, the two are not allowed to become, or increase their stake as substantial shareholders, in any corporate financial institution. 

On Oct 23, 2025, Wang was convicted of four charges related to forgery, money laundering and obstructing the course of justice. He was sentenced to 24 months’ imprisonment. Six additional charges were taken into consideration by the judge during the sentencing. 

A day later, on Oct 24, Liu was convicted of one charge of using a forged tax document to defraud Bank Julius Baer. He was sentenced to four months’ imprisonment. 

In 2023, authorities in the city-state arrested 10 people from the southern Chinese province of Fujian in Singapore’s largest money laundering scandal. The 10 were eventually handed jail sentences ranging from 13 months to 17 months, and deported after they were released. This included a client of Liu’s. 

The arrest of the 10 foreign nationals sent shockwaves through Singapore, with authorities uncovering vast holdings in property, luxury assets, cash and cryptocurrencies. Investigations found that much of the wealth had been generated from illegal gambling and unlicensed money lending in China.

The scandal also reverberated across the banking sector, as the convicted individuals, their associates and related entities were found to have placed more than S$370 million at more than a dozen financial institutions.

Source: The Business Times © SPH Media Limited. Permission required for reproduction.

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