A Singapore permanent resident originally from China, Sun Weitao, 40, has been convicted for laundering more than S$450,000 (US$333,360) through Singapore to bank accounts in China. The laundered money was proceeds from investment scams targeting victims in Taiwan and Singapore. Additionally, Sun ran an illegal money remittance business, transferring about S$2.9 million from Singapore to China.
The Scheme and Court Proceedings
Sun and his associate Wei Hong Tao, also a Singapore permanent resident from China, were involved in a scheme orchestrated by a “shadowy individual” known as Zhong Wen Liang. They set up corporate bank accounts in Singapore to receive and transfer funds to China, under the pretext of remitting money for the sale of health products and tea overseas. The prosecution proved that Sun and Wei received and transferred illegal proceeds from at least five victims of cheating in Taiwan. During the trial, victims testified remotely, detailing how they were deceived into making investments in commodities like gold and crude oil.
Sentencing and Defence
Sun was sentenced to two years, five months, and eight weeks in jail, along with a fine of S$27,000, after being convicted of five money-laundering charges and pleading guilty to one charge of operating an unlicensed remittance business. The defense argued that Sun believed he was conducting a legitimate business and was merely following instructions from Wei. However, the prosecution’s case, supported by evidence and testimonies, led to his conviction.
This case highlights the stringent enforcement of financial regulations in Singapore and the country’s commitment to combatting cross-border financial crimes.
Also learn about Money Courier Fined for Not Declaring S$3 Million in Singapore.
