Latest news with #Politis
AsiaOne
6 days ago
- Business
- AsiaOne
Cyprus revokes passports of Su Haijin and Wang Dehai amid $3b money laundering case, Singapore News
Two men involved in a large-scale money laundering scheme in Singapore have had their Cypriot citizenships revoked. Su Haijin and Wang Dehai were stripped of their Cypriot nationality after being convicted and sentenced by a Singapore court, reported Cyprus news outlet Politis on Aug 4. Originally from China's Fujian province, both men acquired their Cypriot passports under the then-active "citizenship-by-investment" programme, known locally as the "golden passports". "Golden passports" are typically granted by a country in exchange for a significant financial investment, donation, or purchase of real estate. In late 2020, Cyprus terminated its citizenship programme following a report by news outlet Al Jazeera. The report found that among the more than 2,500 individuals who obtained a Cypriot passport between 2017 and 2019, dozens had prior criminal convictions, were facing charges abroad, or were subject to international sanctions. To date, the Cypriot government has revoked the citizenship of 306 individuals, including 88 foreign investors and 218 of their family members. Su and Wang arrested in 2023 Su and Wang were among the 10 individuals arrested in August 2023, during a major operation by Singapore police targeting money laundering activities. All 10 originated from China, but some held foreign passports from countries such as Cyprus, Turkey, Vanuatu, Saint Kitts and Nevis, and Cambodia, reported The Straits Times. The nine men and one woman have since been jailed, deported and barred from re-entering Singapore. The case was reportedly the largest money laundering case in Singapore's history, involving assets worth at approximately $3 billion. Unlicensed moneylending in China and remote gambling operations based in the Philippines were some of the activities linked to the case, reported CNA. Su was sentenced to 14 months in prison for one count of resisting lawful apprehension and two counts of money laundering. According to a statement by the Singapore Police Force last April, approximately 95 percent of his assets — worth more than $165 million — were forfeited as part of his sentencing. Wang Dehai, on the other hand, received a 16-month sentence for one count of money laundering, with around 90 per cent of his assets — valued at about $49.2 million — confiscated. Multi-passport offenders may choose where to be deported Due to the speed and ease with which some countries grant citizenship or long-term residency, nations offering "golden passport" programmes are also facing growing pressure to end them. Countries such as Vanuatu, Saint Kitts and Nevis, and Cyprus are among at least 14 nations flagged by the Organisation for Economic Cooperation and Development (OECD) and placed on a watchlist, reported The Straits Times. On July 2, 2024, then Minister of State for Home Affairs, Sun Xueling, addressed concerns in Parliament regarding foreigners convicted in Singapore who hold multiple passports. Sun noted that such individuals may indicate their preferred country of deportation. However, the decision depends on the validity of their travel documents. "There needs to be an assessment by the ministry as to whether or not the individual can be admissible based on the travel document that he or she holds," said Sun. [[nid:692671]]
The Star
7 days ago
- Business
- The Star
S$3bil money laundering case: Su Haijin, Wang Dehai stripped of Cypriot citizenship
SINGAPORE: Two men involved in Singapore's S$3 billion money laundering case have been stripped of their Cypriot citizenship. The 'golden passports' held by Su Haijin and Wang Dehai were revoked by Cyprus' Council of Ministers, according to an Aug 4 report in the Cypriot daily newspaper Politis. A golden passport is granted by a country in exchange for a large investment or donation. According to the report, 88 investors and 218 of their family members have been stripped of their Cypriot citizenship to date. The island state in Europe had offered a citizenship through investment scheme, which was cancelled in 2020 following an Al Jazeera report. The report revealed that of over 2,500 people who secured a Cypriot passport from 2017 to 2019, dozens faced criminal charges in another country, had a prior conviction or were under international sanctions. Su and Wang were among 10 foreigners arrested in Singapore in August 2023 in an anti-money laundering operation which involved around 400 officers. The Politis report did not state the amounts they had invested to acquire their Cypriot citizenship. Quoting Cyprus' Ministry of Interior, the news organisation said the country's Ministry of Internal Affairs was informed that the two men were facing criminal proceedings. With their conviction, the ministry proceeded to cancel their citizenship. The report did not state the exact date it did so. Su was sentenced to 14 months' jail in April 2024 after he pleaded guilty to money laundering charges and resisting arrest. He had jumped from the second-floor balcony of a good class bungalow during the police raid. Wang was sentenced to 16 months' jail in June 2024 after he admitted to one money laundering charge. Both of them were deported – Su to Cambodia, and Wang to the United Kingdom – in 2024. They were involved in the largest money laundering case in Singapore's history, which saw more than $3 billion in assets seized. The nine men and one woman involved in the case were sentenced to between 13 and 17 months' jail. All of them have been deported and barred from re-entering Singapore. All 10 originated from China, but some of them held foreign passports from countries such as Cyprus, Turkey, Vanuatu, Saint Kitts and Nevis, and Cambodia. Turkish national Vang Shuiming, who was among those convicted in the case, was back in the news after he was arrested in Montenegro in February. Vang, deported to Japan from Singapore after completing his jail term, reportedly flew on a private plane to the Balkan nation from the Maldives. The Organised Crime and Corruption Reporting Project, a non-governmental organisation involved in investigative journalism, reported in February that Montenegro was expected to extradite Vang to China, where he is wanted for allegedly running illegal gambling operations. Multiple passports Countries that granted 'golden passports' are facing pressure to cancel their programmes. They include Vanuatu, Saint Kitts and Nevis, and Cyprus, which are on a watchlist of at least 14 nations flagged by the Organisation for Economic Cooperation and Development (OECD) because of how quickly and easily they grant citizenship or long-term residency. For example, it takes only four months and a donation of US$250,000 (S$321,000) or investment of US$400,000 to secure a Saint Kitts and Nevis passport. OECD said these citizenship-through-investment schemes are attractive to criminals and corrupt officials seeking to evade justice and launder the proceeds of crime reaching into the billions. A passport issued by Cyprus, a member of the European Union, was coveted as it grants its holder the right to live and work in all 27 EU states as well as visa-free access to over 170 countries. Jho Low, the Malaysian financier allegedly involved in the 1Malaysia Development Berhad scandal, was granted citizenship in 2015. It was revoked in June 2024. The international police organisation Interpol, anti-money laundering regulators and governments have been pressing for tighter reins or an outright ban on the issuance of golden passports, with some success. Bulgaria ended its investor citizenship scheme in 2022, while Ireland announced in 2023 that it was scrapping its popular golden visa programme. - The Straits Times/ANN
Straits Times
7 days ago
- Straits Times
$3b money laundering case: Su Haijin, Wang Dehai stripped of Cypriot citizenship
Sign up now: Get ST's newsletters delivered to your inbox 'Golden passports' held by Su Haijin (left) and Wang Dehai were revoked by Cyprus' Council of Ministers. SINGAPORE - Two men involved in Singapore's $3 billion money laundering case have been stripped of their Cypriot citizenship. 'Golden passports' held by Su Haijin and Wang Dehai were revoked by Cyprus' Council of Ministers, according to an Aug 4 report in the Cypriot daily newspaper Politis. A golden passport is granted by a country in exchange for a large investment or donation. According to the report, 88 investors and 218 of their family members have been stripped of their Cypriot citizenship to date. The island state in Europe had offered a citizenship through investment scheme, which was cancelled in 2020 following an Al Jazeera report. The report revealed that of over 2,500 people who secured a Cypriot passport from 2017 to 2019, dozens faced criminal charges in another country, had a prior conviction or were under international sanctions. Su and Wang were among 10 foreigners arrested in Singapore in August 2023 in an anti-money laundering operation which involved around 400 officers. The Politis report did not state the amounts they had invested to acquire their Cypriot citizenship. Quoting Cyprus' Ministry of Interior, the news organisation said the country's Ministry of Internal Affairs was informed that the two men were facing criminal proceedings. With their conviction, the ministry proceeded to cancel their citizenship. The report did not state the exact date it did so. Su was sentenced to 14 months' jail in April 2024 after he pleaded guilty to money laundering charges and resisting arrest. He had jumped from the second-floor balcony of a good class bungalow during the police raid. Wang was sentenced to 16 months' jail in June 2024 after he admitted to one money laundering charge. Both of them were deported - Su to Cambodia, and Wang to the United Kingdom - in 2024. They were involved in the largest money laundering case in Singapore's history, which saw more than $3 billion in assets seized. The nine men and one woman involved in the case were sentenced to between 13 and 17 months' jail. All of them have been deported and barred from re-entering Singapore. All 10 originated from China, but some of them held foreign passports from countries such as Cyprus, Turkey, Vanuatu, Saint Kitts and Nevis, and Cambodia. Turkish national Vang Shuiming, who was among those convicted in the case, was back in the news after he was arrested in Montenegro in February . Vang, who m Singapore deported to Japan after completing his jail term, reportedly flew on a private plane to the Balkan nation from the Maldives. The Organised Crime and Corruption Reporting Project, a non-governmental organisation involved in investigative journalism, reported in February that Montenegro was expected to extradite Vang to China, where he is wanted for allegedly running illegal gambling operations. Multiple passports Countries that granted 'golden passports' are facing pressure to cancel their programmes. They include Vanuatu, Saint Kitts and Nevis, and Cyprus, which are on a watchlist of at least 14 nations flagged by the Organisation for Economic Cooperation and Development (OECD) because of how quick and easy they grant citizenship or long-term residency. For example, it takes only four months and a donation of US$250,000 (S$321,000) or investment of US$400,000 to secure a Saint Kitts and Nevis passport. OECD said these citizenship-through-investment schemes are attractive to criminals and corrupt officials seeking to evade justice and launder the proceeds of crime reaching into the billions. A passport issued by Cyprus, a member of the European Union, was coveted as it grants its holder the right to live and work in all 27 EU states as well as visa-free access to over 170 countries. Jho Low, the Malaysian financier allegedly involved in the 1Malaysia Development Berhad scandal, was granted citizenship in 2015. It was revoked in June 2024. The international police organisation Interpol, anti-money laundering regulators and governments have been pressing for tighter reins or an outright ban on the issuance of golden passports, with some success. Bulgaria ended its investor citizenship scheme in 2022, while Ireland had announced in 2023 that it was scrapping its popular golden visa programme.
Bloomberg
03-08-2025
- Business
- Bloomberg
Euro Zone Is Resilient Despite Trade Woes, ECB's Patsalides Says
The euro area is weathering current geopolitical challenges, according to European Central Bank Governing Council member Christodoulos Patsalides. 'The euro-zone economy appears resilient, despite difficulties internationally,' the Cypriot central bank chief told Politis newspaper in an interview published Sunday. 'Nevertheless, the environment remains uncertain, mainly due to trade tensions.'
News.com.au
05-05-2025
- Business
- News.com.au
Restored 1950s Belmont home offers haven for first-time buyers
A 1950s retro throwback in Belmont has provided a housing haven for first-home buyers moving in from the Surf Coast. The mid-century modernist style house at 71 James St sold recently for $647,000 after the seller credited the residence with saving him through Covid lockdowns. The property was listed with $650,000 to $700,000 price hopes. Ray White Highton agent George Politis said the mood in the market improved after the first interest-rate cut in February, but buyers were still wary of houses where they believed they may need to do some structural work. 'There has been a it more positivity in the marketplace since the interest-rate drop,' Mr Politis said. Mr Politis said it was a good property and interest spiked after the home was featured on a Retro Houses for Sale Facebook page. 'There's a fair bit of popularity behind those (homes) at the moment,' Mr Politis said. The first-home buyers were moving in from the coast where homes were less affordable for young purchasers, he said. The owner bought the property in 2019 when it was billed as ripe for renovation. But he had other ideas and slowly set about bringing its timber cabinetry and vintage kitchen back to life. 'I've always been a fan of retro and the Atomic ranch style and I didn't think I'd find one in Geelong,' the vendor Ben told the Advertiser previously. 'The big windows, the flat roof, the wooden features – there was a lot of things like shaggy blue carpet that a lot of people would have looked past so I was lucky to be able to get it and during lockdown I had a lot of time not being able to do much so that allowed me to work on it. 'I always say to people I didn't renovate, I restored it.' He pulled up the carpets to reveal timber floors, repaired the individual architraves in each room and refreshed the bathroom, still retaining the original curved vanity. He even kept the separate shower room, rather than turning it into an ensuite.
