Singapore, 17 March 2026 … The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (POs) under the Financial Services and Markets Act 2022 (FSMA) against Mr Wang Qiming and Mr Liu Kai, former relationship managers, who were convicted of charges connected to the major money laundering case of August 2023. Given the gravity of their misconduct, MAS has issued a 16-year PO against Mr Wang Qiming and a 7-year PO against Mr Liu Kai. 

Wang Qiming (Wang)

2 On 23 October 2025, Wang was convicted of four charges Under the Penal Code, Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act on offences for forgery, money laundering and obstructing the course of justice, and sentenced to 24 months' imprisonment. Six other charges were taken into consideration for the purpose of sentencing.

Liu Kai (Liu)

3 On 24 October 2025, Liu was convicted of one charge Under the Penal Code of using as genuine a forged document to cheat Bank Julius Baer & Co Ltd and sentenced to 4 months’ imprisonment. 

4 In view of their offences, MAS is satisfied that Wang and Liu are not fit and proper persons, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.

5 Under the POs, effective 17 March 2026, Wang and Liu are prohibited for 16 years and 7 years respectively, from carrying on or providing any MAS regulated or authorised activity or businessAs defined in section 2 of the FSMA, from participating (directly or indirectly) in the management of any financial institutionAs defined in section 2 of the FSMA, and from acting as a director, partner or manager, of any financial institutionAs defined in section 2 of the FSMA. Both Wang and Liu are also prohibited from becoming, or increasing their interest as a substantial shareholder of, any financial institution that is a corporation.

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