UBS Group AG and two major Chinese lenders have been drawn into one of Singapore’s largest money laundering cases, as a police affidavit showed that an alleged fugitive involved had stashed millions at the banks.
Wang Dehai, who is also wanted in China for illegal online gambling activities, kept HK$53 million ($6.8 million) and $500,000 with UBS, Industrial & Commercial Bank of China Ltd and Bank of China Ltd. in Hong Kong, according to a court document seen by Bloomberg News after a bail hearing for Wang Wednesday.
UBS, ICBC and Bank of China did not immediately respond to Bloomberg News’ request for comment.
Wang, 34, was arrested in Singapore on Aug. 15 as part of a nationwide crackdown on an alleged gambling ring that saw nine other individuals originating from China also being remanded. Over $2 billion of assets from cash to jewelry have been seized from the group.
More than 10 banks have been ensnared for their ties with the alleged money launderers, or their businesses in Singapore. The local unit of Credit Suisse Group AG, which was taken over by UBS earlier this year, will be inspected by the Monetary Authority of Singapore after another suspect Vang Shuiming was found to hold S$92 million ($67 million) at the bank, Bloomberg News reported.
A House bill could stop the SEC from blocking closed-end funds' private fund investments.
The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.
The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.
David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.
Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.