15 months' jail for seventh man who pleaded guilty in billion-dollar money laundering case

SINGAPORE: The seventh of 10 suspects to be caught up in Singapore's multibillion-dollar money laundering crackdown was on Thursday (May 23) sentenced to 15 months in jail.

Chen Qingyuan, a 34-year-old Cambodian national, pleaded guilty to three out of 10 charges.

These include conspiring with his girlfriend Wang Qiujiao to submit forged documents to Standard Chartered in response to the bank's queries about payments into her account.

Chen's jail term is the longest among those dealt with so far and on par with Zhang Ruijin, who was also sentenced to 15 months' jail in April. 

The 10 individuals were arrested during a simultaneous raid on Aug 15, 2023. Police have seized more than S$3 billion (US$2.2 billion) worth of assets so far.

In Chen's case, more than S$23 million of his assets were seized. Some were funded by him but held under Wang's name.

Chen will forfeit about 90 per cent of his assets, with Wang agreeing to have those held in her name surrendered as well. These include an apartment in the River Valley area worth more than S$10 million and cryptocurrencies with an estimated value of more than S$1.8 million. 

Authorities also seized S$614,750 in foreign currencies and a white Land Rover worth about S$1 million. These were suspected to be proceeds from remote gambling offences overseas.

He was unable to provide a satisfactory explanation for how these assets came about. 

In determining their proposed sentence for Chen, the prosecution and defence referred to the six people before him who were handed jail terms of between 13 and 15 months. 

The prosecution, represented by Deputy Public Prosecutors Michelle Tay, Foo Shihao and Pavithra Ramkumar, argued for Chen to be jailed for between 15 and 17 months - the highest sentencing range among the accused.

Chen's lawyer, Mr Gary Low from Drew and Napier, argued for Chen to be jailed for 14 months, pointing out that the circumstances of his client's case did not call for the stiffest jail term. 

COMMISSIONED FALSE DOCUMENTS

Chen also paid for false documents from a person via WeChat to submit to Standard Chartered. These documents were in response to the bank's queries on the source of his funds.

Chen had transferred US$100,000 to Wang's bank account in September 2019 and arranged for two remittances of around S$3 million to be sent from Indonesia to his account in July 2021. Standard Chartered made two related queries about the source of funds for these transfers. 

In response, Chen helped to create the false documents. One of these was for an income certificate purportedly issued by a company in China called Sunshine Coast. The certificate alleged that Wang had been hired by Sunshine Coast while she was in China between 2010 and 2012 and was paid 800,000 yuan (US$113,000) during this period. Wang admitted during investigations that she was never employed by Sunshine Coast.

When requesting the forged document, Chen provided the details and instructed how they should appear on the document, the court heard. He agreed to pay 200 yuan for the document, which was dated Jul 11, 2021, and submitted it to Standard Chartered.

He also instructed for three other forged documents to be created. These were also submitted to the bank.

SENTENCING ARGUMENTS

Mr Foo referenced the cases of accused persons Su Haijin, Wang Baosen, Su Baolin, Zhang Ruijin and Vang Shuiming, who had been dealt with previously. 

He said that the amount seized in Chen's money laundering offences was the second-highest, and that while Chen had kept about 10 per cent of his assets, others, including Wang Baosen, had surrendered everything. 

The prosecution also raised multiple aggravating factors, such as Chen's "calculated and intentional" use of forged documents, the "substantial" amount involved in his money laundering offences and its transnational element. 

"Money laundering is a serious offence that facilitates international criminals obtaining and enjoying their ill-gotten gains. It is difficult to detect and requires significant resources from law enforcement agencies and financial institutions to trace the proceeds of crime," the prosecution said in sentencing documents. 

Chen's lawyer Mr Low disagreed with the sentence sought by the prosecution, arguing that his client's case did not warrant a jail term at the highest end. 

Mr Low said that his client had pleaded guilty at an early stage, saving resources that would have been spent on a trial. 

"As we all know, money laundering offences with its transnational elements are complex cases which will necessitate a lengthy and complex trial (if he should contest the charges)," said Mr Low. 

"His early (plea of guilt) is a reflection of his sincere and utmost remorse and is a significant mitigating factor." 

Mr Low also listed Chen's economic and social contributions to Singapore since relocating here in 2019. 

Chen's company employed 25 to 28 employees in Singapore including Singaporeans, and its economic performance here was a positive contribution to the country, Mr Low said. 

Before his arrest, Chen was also actively engaged in "charitable deeds" and contributed more than 80 hours of community service annually, the defence said. 

While in Singapore, Chen regularly participated in rubbish-picking at beaches or public spaces and food drives to the needy, among other activities. 

"Mr Chen's contributions both financially and socially in Singapore are not insignificant. They reflect a genuine desire by Mr Chen to avoid any illegal activities ever since his relocation from China, as well as to be a positive force in society," said Mr Low. 

Mr Low urged the court to place mitigating weight on this factor as it indicated Chen's capacity for reform.  

In response, the prosecution said that the sentence ought to deter potential offenders from similar crimes and noted that Chen would likely be deported from Singapore after the conclusion of his case. 

CLIENT DOES NOT DESERVE HIGHEST SENTENCE: DEFENCE

On the jail term, Mr Low pointed out that his client's sentence should be commensurate with the others sentenced before him. 

"What we seek is only a fair and appropriate sentence that is appropriate to circumstances. The sentence sought by the prosecution of between 15 and 17 months is, with respect, neither fair nor appropriate," Mr Low said, pointing out that it was the highest range of sentence among all the accused persons dealt with to date. 

Chen did not have the most charges or the highest value of assets seized or returned, with the other accused "outranking" his client, Mr Low added.  

He raised the example of Vang Shuiming, who had been sentenced to 13 months and six weeks' jail. Vang faced more than two times the number of charges, and is getting back much more than Chen, pointed out Mr Low. 

He said it would be "completely disproportionate" if Chen were to be sentenced to a higher jail term. 

In passing the sentence, Senior District Judge Ong Hian Sun said he had taken all factors into consideration, and backdated the jail term to Chen's arrest on Aug 15, 2023. 

Forgery carries a jail term of up to four years, a fine, or both. For possessing the benefits of criminal conduct, a person may be fined up to S$150,000, or jailed up to three years, or both. 

CNA understands that Chen's girlfriend Wang Qiujiao is currently assisting with police investigations.