The Monetary Authority of Singapore (MAS) has issued Prohibition Orders under the Financial Services and Markets Act 2022 (FSMA) against Mr Wang Qiming and Mr Liu Kai, former relationship managers convicted of offences connected to the major money laundering case of August 2023. MAS imposed a 16-year prohibition on Wang and a 7-year prohibition on Liu. Effective 17 March 2026, the orders bar both individuals from carrying on or providing any MAS-regulated or authorised activity or business, participating in the management of any financial institution, and acting as a director, partner or manager of any financial institution, as defined under the FSMA. They are also prohibited from becoming, or increasing their interest as, a substantial shareholder of any financial institution that is a corporation. MAS assessed that both are not fit and proper under the Guidelines on Fit and Proper Criteria issued under section 7 of the FSMA, following Wang’s October 2025 conviction for offences including forgery, money laundering and obstructing the course of justice (24 months’ imprisonment) and Liu’s October 2025 conviction for using a forged document to cheat Bank Julius Baer & Co Ltd (4 months’ imprisonment).
Monetary Authority of Singapore 2026-03-17
Monetary Authority of Singapore issues 16-year and 7-year prohibition orders against former relationship managers linked to the 2023 money laundering case
The Monetary Authority of Singapore (MAS) issued Prohibition Orders against Mr Wang Qiming and Mr Liu Kai under the Financial Services and Markets Act 2022, following their convictions in a major money laundering case. Effective 17 March 2026, Wang faces a 16-year prohibition and Liu a 7-year prohibition, barring them from MAS-regulated activities and roles in financial institutions. MAS determined both individuals are not fit and proper under FSMA guidelines.