Man With Vietnamese And American Dual Citizenship Charged For Money Laundering Offences

On 12 September 2024, a 61-year-old Vietnamese and American dual citizenship holder, Nguyen Duy Khiem ("Khiem") was charged with eight counts of money laundering offences, including four counts under Section 47AA of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act ("CDSA") and four counts under Section 47(3) of the CDSA.

Investigations by the Commercial Affairs Department revealed that, in 2019, Khiem allegedly arranged for two Vietnamese women, Hoang Dinh Phuong Thao and Hoang Thi Thuy Hang, to incorporate Kaloca Asia Pte Ltd ("Kaloca") and Wellington York Partners Pte Ltd ("Wellington") respectively in Singapore. Khiem also allegedly arranged for Thao and Hang to set up bank accounts for the companies in Singapore.

Investigations revealed that the companies and bank accounts were allegedly under Khiem's control. Between December 2019 and October 2020, funds totalling US$457,500 and US$7.8 million were received in the respective bank accounts of Kaloca and Wellington. These funds are alleged to have been derived from overseas investment scams.

Any person convicted of an offence under Section 47AA of the CDSA or Section 55 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 ("CDSA 1992") may be punished with a fine not exceeding S$150,000 or to imprisonment for a term not exceeding 3 years, or both.

Any person convicted of an offence under Section 47(3) of the CDSA or Section 54(3) of the CDSA 1992 may be punished with a fine not exceeding S$500,000 or to imprisonment for a term not exceeding 10 years, or both.

The Police takes a serious stance against any person involved in the laundering of proceeds of crime. These criminal acts compromise the integrity of Singapore's financial system. To ensure that Singapore remains a safe and trusted place for business and finance, the Police will take tough enforcement action against such perpetrators, who will be dealt with in accordance with the law.