Singapore has charged Wang Junjie, the former director of a local corporate service provider linked to individuals caught up in the city-state’s record $3 billion money-laundering case.
Wang, a former director of LW Consultancy Pte. Ltd., was charged with 15 offences, the Singapore Police Force said in a statement on Thursday. The offences range from engaging in a conspiracy to falsify accounts to making false representations. Wang’s charges are punishable with fines and or imprisonment terms.
Wang did not respond to a request for comment when contacted by email.
The role of corporate secretarial agents has come under scrutiny in the scandal as potential loopholes that launderers exploit to start businesses. Wang, for example, is a director, shareholder or secretary of more than 200 companies. The Singaporean has held roles in at least nine firms related to three of those arrested for laundering activities in 2023, according to calculations by Bloomberg News.
LW Consultancy was tapped by Su Haijin and Su Baolin — who were arrested in 2023 and sentenced to 14 month’s imprisonment each for money laundering — to provide corporate secretarial services for their Singapore-incorporated companies, the police said.
David Chew, director of the police force’s commercial affairs department, said in the statement that as criminals may abuse corporate structures to hold profits of their criminal enterprise, professional intermediaries such as corporate service providers were required to conduct due diligence to prevent their services from being exploited.
See also: Singapore seizures rise to $3 bil in money laundering case
Wang’s registration and that of his consultancy were both canceled by Singapore’s accounting regulator in 2024 for anti-money laundering breaches.
