Ex-Citi Banker Sentenced in Singapore Laundering Scandal
Singapore’s historic multi-billion dollar laundering case has seen the sentencing of a former Citi banker two years after the scandal first broke.
Wang Qiming, an ex-relationship manager at Citibank Singapore, was sentenced to 24 months in prison after he pleaded guilty to four charges in the city-state’s S$3 billion ($2.3 billion) anti-money laundering (AML) case. The 28-year old Chinese national who left Citi in 2022 faced 10 charges in total, including forgery of documents for the purpose of cheating the bank.
Former Julius Baer banker Liu Kai is scheduled to plead guilty on Friday, according to the hearing list on the Singapore Courts website.
In July, the Monetary Authority of Singapore penalized a handful of banks over AML breaches related to the scandal including a S$2.6 million fine for Citi and S$2.4 million for Julius Baer.
