First Banker Sentenced in S$3bn Laundering

Wang Qiming, a former Citibank relationship manager, was sentenced to 24 months’ jail after pleading guilty to four charges including forgery, money laundering and obstruction for his role in Singapore’s S$3 billion money‑laundering scandal. Prosecutors said Wang forged documents, concealed sources of funds and held about S$481,678 for client Su Baolin; his defence said he did not personally benefit and Wang intends to appeal. He is the first banker to be sentenced in the case and received a longer term than the ten convicted launderers, who served 13–17 months and were deported. The scandal, which saw arrests in 2023, prompted regulatory fines from the Monetary Authority of Singapore against Citi and Julius Baer and has renewed questions about the adequacy of Singapore’s anti‑money‑laundering safeguards. Former Julius Baer banker Liu Kai is due to plead guilty, and the court highlighted the reputational harm and seriousness of a banker actively facilitating and disguising illicit flows.