6 days ago
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]]
