Noreen Shazreen, Author at Goody Feed

Just a day ago, there was a revelation that the assets linked to the $1 billion money laundering case rose to $1.8 billion. It sounds like a true crime docuseries coming straight out of Netflix, but it's happening here in Singapore. The case, believed to be one of Singapore's most prominent money laundering cases, involves ten foreign nationals, all originating from the Fujian province of China. If you're not a financial whiz or scratch your head the moment you hear "money laundering", here's a handy video you can watch to understand more about this concept: https://www.youtube.com/watch?vgYigWnexFIk&listPLoa9nNa48ZVVgUOs4vYirCdsJQpkbUe51 Wife of $1.8-Billion Money Laundering Foreigner Started Company Just to Get EP If you've kept up with the news, you would've known that ten foreign nationals are involved in the case. Among the ten foreign nationals caught up in the billion-dollar money laundering case is Wang Baosen, whose name is now linked to a new plot. A significant development has emerged from the case as it is believed that Wang's wife, He Huifang, started a company in Singapore to snag an employment pass (EP) in Singapore. Sneaky, right? Lest you're unaware, an EP is for foreign professionals, managers and executives with a job offer in Singapore who meet the eligibility criteria. She owns the company so she can offer the job to herself, but what about the eligibility criteria? For a start, there is a minimum salary (which shouldn't be an issue for them), and here's the thing: an EP holder also needs a degree, or degree-equivalent qualifications. Mr Seah Li Hao, a Commercial Affairs Department (CAD) officer, revealed this in testimony to support the prosecution's application that no bail shall be granted to her husband, Wang. Wang is currently facing two money laundering charges. More than $18 million worth of assets have been seized or subjected to the prohibition of disposal orders. The assets include a black Toyota Alphard, more than $3.3 million in four bank accounts and one property worth $14.76 million. These assets owned by Wang, his wife, He Huifang, and Hui Xia Technology Investment, the company she set up in Singapore, were seized or frozen. He Huifang owns the technology investment company and is the sole director and shareholder. Mr Seah said He Huifang claimed she is an investment consultant in the company, but his investigations revealed she cooked up this whole scheme to get that sweet EP. According to The Straits Times, all ten foreign nationals charged in this case held either an EP or a dependant's pass (DP), and Wang has a DP with the help of his wife's supposed employment in Singapore. Wang has two passports issued by China and Vanuatu. If you're wondering, Vanuatu, where Wang has another passport, is a country way over in Oceania. What Is a Dependent's Pass? A Dependant's Pass (DP) is a permit that lets the spouses and children of Employment Pass (EP) or S Pass holders come over and stay in Singapore with their working family members. This pass is up for grabs if you're legally married to the primary pass holder or if you are an unmarried child below 21 years old, and your parent has the right kind of EP or S Pass. But here's the twist: You need help to apply for it. You need your employer or an authorised employment agent to do the legwork. A DP is suitable for a solid two years and it's tied to the expiration date of the main work pass. So yes, Wang was literally depending on his wife to stay in Singapore. Wang Baosen Identified As a High Flight Risk by CAD Officer Wang has been identified as a high-flight risk by a CAD officer. He's got family back in China, but besides his wife, he's a lone wolf in Singapore. According to his bank account, he's got cash flowing in from overseas, including $189,230 of profits from his family's tea plantation business in China. Mr Seah said with these charges, it would be disappointing if Wang decided to vanish and dodge them. As Wang is also under investigation by the CAD and is a high-flight risk, District Judge Brenda Tan denied him bail. And here's a juicy bit: He Huifang's name is among the 34 names on a list sent out to folks dealing in precious metals and gems. The Ministry of Law wants them to watch for any shady business related to this case. As part of the police investigation into the current case, dealers were instructed to review transactions and business relations for any indication of criminal activity, including money laundering. More Investigations Towards Close Associations Concerning Wang's tea plantation business in China, it's worth noting that Anxi County in Fujian is a renowned tea-growing region famous for its Iron Buddha (Tieguanyin) tea. Interestingly, this village is the last known residence of Chen Qingyuan, one of the ten individuals facing charges in this case. Fujian has, unfortunately, had a history associated with various criminal activities, ranging from "snakehead" organisations involved in smuggling people into the United States via boats to the presence of triads in Hong Kong. In the late 1990s, even telecom scams gaining ground in Taiwan found their way into Fujian. On 5 September, Turkish national Vang Shuiming, also known as Wang Shuiming, faces five charges, including one related to forging a document and four related to money laundering. He allegedly submitted a forged document to Citibank Singapore as supporting evidence in March 2021. Suffice to say, we'd be reading more about them soon.