The wives of Su Haijin and Su Baolin, the two suspects involved in the S$1 billion money laundering case, were named in a notice sent to precious stones and metal traders by the Ministry of Law (Min Law) on Aug. 27, 2023, reported Shin Min Daily News.

The women's names are Wu Qin and Ma Ning, respectively, and they had donated to charity previously with their spouses.

During the islandwide operation to crack down on a transnational money laundering syndicate on Aug. 15, Su Haijin was photographed being caught barefoot in shorts outside his Good Class Bungalow (GCB) located along Ewart Park.

The China-born Cypriot national allegedly jumped from the second floor of his GCB in an attempt to escape arrest.

His elder brother, Su Baolin, was arrested at his GCB along Nassim Road.

Both men were charged in court on Aug. 16.

Details of the notice

In total, the notice issued by the Anti-Money Laundering/ Countering the Financing of Terrorism Division (ACD) under Min Law contained the names of 34 individuals, reported CNA.

Amongst them, 10 were the foreign nationals who were arrested earlier this month.

A total of 12 people are assisting with police investigations, and eight are currently wanted by the police.

The identities of the remaining four individuals remain unknown for now, reported Shin Min.

According to the ACD, these persons are believed to "have connections amongst themselves", and all the persons involved are "neither Singapore citizens nor permanent residents", reported CNA.

In the notice, Min Law also urged dealers of precious metals and stones to review their transactions and business relations to assess if there are any reasonable grounds to suspect criminal conduct, including money laundering in connection to the police investigation.

Traders are also reminded of their obligation to file a suspicious transaction report as soon as possible should they become aware of transactions related to the 34 names or suspect any links to criminal conduct, CNA reported the ministry as saying.

7 out of 10 suspects are citizens of "higher-risk" countries

The Business Times (BT) also reported that amongst the 10 foreign nationals arrested, seven of them hold passports issued by "higher-risk countries" identified by the OECD (Organisation for Economic Co-operation and Development).

These countries, which include Cyprus, Saint Kitts and Nevis, Dominica, and Turkey, are categorised as such because they allow foreigners to obtain their citizenship through investment, which may jeopardise the world's anti-money laundering efforts.

According to BT, citizens of these higher-risk countries have begun purchasing significantly more residential units in Singapore since 2016.

Over the last seven years, at least 232 residential units were purchased by buyers who share the same nationalities as the seven suspects.

These buyers include Su Haijin, who purchased a unit at Gramercy Park, a condominium located along Grange Road, for S$4.5 million in 2018.

Top images via Shin Min Daily News & Singapore Police Force/Facebook