Former Citibank relationship manager Wang Qiming has been sentenced to two years in prison for his involvement in Singapore’s largest-ever money-laundering case, a sweeping S$3 billion ($2.3 billion) scandal that has shaken the city-state’s financial sector.
Wang’s 24-month jail term is the longest sentence handed down to any individual tied to the case, surpassing even the punishments given to the ten convicted money launderers themselves. The 28-year-old Chinese national pleaded guilty to two counts of forgery, one count of money laundering, and one count of obstructing justice.
Forgery, Crypto Cash, and Deleted Evidence
Court documents show that while employed at Citibank, Wang fabricated remittance receipts and a fake loan agreement to mislead Citibank and Standard Chartered Bank about the true source of funds belonging to Su Baolin, a convicted money launderer involved in illegal online gambling operations.
Prosecutors detailed how Wang personally handled and stored S$481,678 in cash originating from cryptocurrency sales tied to Su’s illicit network. When investigators closed in during 2021, Wang attempted to cover his tracks by deleting WhatsApp to erase all client communications.
During sentencing, the presiding judge noted that Wang’s actions “went beyond merely looking away”, describing them as a “proactive and deliberate effort to disguise the source of funds.”
Longer Jail Term Than the Launderers Themselves
Wang’s two-year sentence exceeds the 13- to 17-month terms given to the ten individuals who directly laundered funds through luxury assets, properties, and casinos. Legal experts attribute this disparity to the launderers’ plea bargains and asset forfeitures, while Wang’s deception as a licensed banker was seen as a deeper breach of public trust.
“Bankers occupy a frontline position in Singapore’s anti-money-laundering framework,” one legal observer told The Straits Times. “When they become facilitators, the system itself is compromised, and the courts will act firmly.”
Regulators Crack Down on Institutional Failures
The Monetary Authority of Singapore (MAS) has already responded to the scandal with sweeping penalties. In July 2025, it fined nine financial institutions, including Citibank, for anti-money-laundering (AML) control lapses tied to the same network.
MAS emphasized that financial intermediaries will be held to higher standards under new compliance measures introduced in the wake of the case. The regulator also confirmed that it continues to coordinate with foreign authorities to track related cross-border transactions.
Wider Legal Fallout Looms
Following his imprisonment, Wang will be deported to China to serve post-sentence procedures. Another private banker, this time from Julius Baer, is expected to plead guilty in the coming weeks, signaling that Singapore’s financial watchdogs are still uncovering new layers of the massive laundering operation.
The case has prompted renewed debate over how global banks handle high-risk clients and cryptocurrency-linked transactions. Experts say the scandal is now seen as a turning point for Singapore’s financial integrity, reinforcing its reputation for swift justice and zero tolerance toward financial crime.
As the judge concluded in court, “Singapore’s standing as a trusted financial hub depends on those within the system, and when bankers betray that trust, the law must respond decisively.”
