Billion-dollar money laundering case: Last offender sentenced, given longest jail term among 10 convicted

SINGAPORE: The last of 10 offenders in the S$3 billion money laundering probe in Singapore that cast a light on foreign nationals buying up luxury properties on the island nation has been sentenced.

Su Jianfeng, a 36-year-old Vanuatu national with roots in Fujian, China, was given 17 months’ jail on Monday (Jun 10). 

His jail term is the longest of the nine men and one woman prosecuted over the billion-dollar money laundering case, where illegal proceeds from Southeast Asian gambling centres aimed at Chinese punters were converted into luxury goods and properties in Singapore’s priciest neighbourhoods.

Su had pleaded guilty last week to one charge each of possessing S$550,903 in criminal benefits and fraudulently using a property sale contract to explain the source of about S$2 million deposited into his Maybank account. Another 12 charges were taken into consideration for sentencing.

He was roped into the illegal online gambling business by a Taiwanese man over a decade ago in 2013.

Su began working from Kuala Lumpur, Malaysia, before shifting to Manila, Philippines, and finally to Singapore - as he wanted his children to be educated here.

The Commercial Affairs Department of the Singapore Police Force began receiving information of possible money laundering and the use of forged documents to mask the source of funds in Singapore bank accounts from 2021.

This culminated in simultaneous islandwide raids on Aug 15, 2023, resulting in the arrests of 10 suspects, including Su.

About S$187 million worth of assets linked to Su or held under his wife's name have been seized - including cash, properties, vehicles, luxury goods, cryptocurrency and alcohol.

This is among the highest across the 10 offenders in the probe.

Su has agreed to have at least 95 per cent of the seized assets forfeited to the state.

Prosecutors sought 17 to 18 months’ jail for Su, the highest sought among the 10, while the defence asked for 14.5 months instead.

In sentencing, District Judge James Elisha Lee agreed with the prosecution that there was a "compelling need" to protect Singapore's reputation as a major financial centre from the impact of transnational money laundering.

The aggravating factors in Su's case include the existence of a transnational syndicate, the large amounts involved and his "persistence" in offending.

However, while Su's proceeds from his money-laundering offences amounted to almost S$17.5 million, he also agreed to forfeit more than S$175 million, Judge Lee said, calling this a "significant mitigating factor" demonstrating remorse.

The other nine offenders have been sentenced to between 13 and 16 months’ jail. All of them pleaded guilty, despite several hinting at possible trials in the early stages.

Those who have finished their jail terms after backdating from the date of remand and time off for good behaviour have been deported to various countries.