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SINGAPORE: A man who holds Vietnamese and American citizenship has been charged with money laundering offences involving more than US$8 million (S$10.4 million).
Nguyen Duy Khiem, 61, was handed eight money laundering charges on Thursday (Sept 12).
Police investigations found that in 2019, he allegedly arranged for two Vietnamese women to set up companies Kaloca Asia and Wellington York Partners in Singapore, and to also set up bank accounts for the firms.
The accounts, which were allegedly under Khiem’s control, received more than US$8 million in total between December 2019 and October 2020.
According to the charge sheets, some of the funds represented one David Edwards’ benefits from criminal conduct.
The police said the funds were allegedly derived from overseas investment scams.
They added that they take a serious stance against any person involved in money laundering, and will take tough enforcement action.
Khiem is now out on S$120,000 bail and is expected to be back in court on Oct 10.
If convicted of knowingly possessing another person’s benefits from criminal conduct, he could be jailed for up to 10 years and fined S$500,000. - The Straits Times/ANN
