MAS issues prohibition orders against ex-bankers in S$3B laundering case
The Monetary Authority of Singapore has issued multi-year prohibition orders against Wang Qiming and Liu Kai following their convictions related to the S$3 billion money laundering scandal. The move bars the former bankers from the financial industry for 16 and seven years respectively.
- The Monetary Authority of Singapore (MAS) imposed 16-year and seven-year prohibition orders on former bankers Wang Qiming and Liu Kai.
- Both individuals were previously convicted of offences including forgery and money laundering linked to a S$3 billion criminal network.
- The orders prevent the pair from performing any regulated financial activities or holding management roles in financial institutions.
SINGAPORE: The Monetary Authority of Singapore (MAS) issued stringent prohibition orders on 17 March 2026 against two former banking professionals. The individuals were previously convicted for their involvement in the city-state's largest money laundering investigation, which involved assets totalling S$3 billion.
Wang Qiming, a former relationship manager at Citibank Singapore, received a 16-year prohibition order.
Liu Kai, who previously served as a relationship manager at Swiss private bank Julius Baer, was issued a seven-year prohibition order.
Both orders took effect on Tuesday, effectively banning the individuals from conducting any activities regulated under the MAS framework.
This includes a total prohibition on participating in the management of any financial institution operating within the jurisdiction.
Under these sanctions, Wang and Liu are further barred from serving as directors, partners, or managers in such entities.
They are also legally prevented from becoming substantial shareholders or increasing existing stakes in any corporate financial institution.
The regulatory action follows criminal proceedings concluded in late 2025.
On 23 October 2025, Wang was convicted of four charges.
These included forgery, money laundering, and obstructing the course of justice during the primary investigation.
The court sentenced Wang to 24 months of imprisonment for his actions. During the sentencing phase, the presiding judge took six additional charges into consideration. Wang was 26 years old at the time the prohibition orders were enacted.
Liu was convicted on 24 October 2025 of one charge involving the use of a forged tax document.
The court found that he had used the document to defraud Bank Julius Baer. Liu, aged 36, received a four-month prison sentence.
The convictions are rooted in a massive enforcement operation triggered in 2023.
Singaporean authorities arrested 10 individuals originally from the Fujian province of China.
This group formed the core of a criminal network involved in extensive money laundering activities.
The 10 foreign nationals received jail sentences ranging from 13 to 17 months before being deported.
One of these individuals was identified as a client managed by Liu during his tenure at the Swiss private bank.
The scandal caused significant disruption across the local financial sector.
Investigations revealed that the criminal group and their associates had successfully placed more than S$370 million across more than a dozen different financial institutions.
Authorities eventually uncovered a vast array of assets held by the syndicate.
These included high-end real estate, luxury goods, significant cash reserves, and various cryptocurrency holdings.
Much of this wealth originated from illegal gambling and unlicensed lending operations in China.
