Former Citi and Baer Bankers to Plead Guilty in Singapore Scandal
(Bloomberg) — Two former bankers at Citigroup Inc. and Julius Baer Group Ltd. are set to plead guilty for their alleged roles in aiding the movement of illicit funds by several people convicted in Singapore’s biggest money laundering case.
Wang Qiming, a former relationship manager at Citibank Singapore, is expected to appear in court on Thursday to plead guilty, while former Julius Baer banker Liu Kai is scheduled to do the same on Friday, according to the hearing list on the Singapore Courts website.
The two cases will be closely watched for what they’ll show about the adequacy of banking safeguards against dirty money flows. The S$3 billion ($2.3 billion) scandal two years ago raised questions about the risks of the financial hub’s ambition to attract some of the world’s richest. The two relationship managers are the only financial professionals charged in connection with the case.
Wang and Liu couldn’t be reached for comment through their lawyers. Citigroup declined to comment.
“This is a third-party matter and the individual named left the bank in 2022,” according to a spokesperson for Julius Baer.
The arrests of 10 people from the southern Chinese province of Fujian shocked the city-state with revelations of their billions in real estate, luxury goods, cash and cryptocurrency. Much of these funds came from illegal gambling and unlicensed money lending in China.
Wang was 26 when he was charged last year with 10 counts, including forging documents for the purpose of cheating the bank. The Chinese national, who left Citigroup in April 2022, also faces allegations including an obstruction of justice charge over deleting Whatsapp from his phone. Maximum penalties under the charges include fines and jail terms.
Liu was 35 when he was accused last year of helping one of the money launderers submit a forged Chinese tax document in 2020. This was for the purpose of opening a bank account in Switzerland, which never happened. Liu was with Julius Baer at the time, and later moved to Goldman Sachs Group Inc. in Singapore. He has since left Goldman.
Wang and Liu rode the waves as global banks in Singapore competed fiercely to bring in funds and generate fees from wealthy Chinese clients, Bloomberg News earlier reported. Both Chinese nationals were part of teams of Mandarin-speaking private bankers and relationship managers assembled by the firms to bring in business.
The case has rocked Singapore’s banking sector. The convicted individuals and their close associates, together with companies they controlled, held more than S$370 million at more than a dozen financial institutions, court records compiled earlier by Bloomberg show.
This year, the local units of Citigroup and Julius Baer were among nine financial firms punished by Singapore’s financial regulator for lapses relating to the case. The move wrapped up a two-year supervisory review, with the banks undertaking to fix the deficiencies. Citigroup received a S$2.6 million penalty, while Julius Baer’s was S$2.4 million.
The 10 arrested in 2023 were handed jail sentences ranging from 13 months to 17 months and were deported after their releases. The Singapore police dropped their pursuit of 15 others after they agreed to surrender their assets.
–With assistance from Andrea Tan.
©2025 Bloomberg L.P.
