Reported by Owen Walke

(Excerpt shared below. To read full report, go to: https://www.ft.com/content/d684d464-c719-4f7a-bc63-4ff0682e0561)

A former Citibank relationship manager pleaded guilty and was sentenced to two years in jail on Thursday in connection with helping a Chinese gang launder money into Singapore in one of the city-state’s biggest financial scandals.

Wang Qiming was the first financial services professional to be convicted of forgery over his involvement in the scheme, in which S$3bn ($2.3bn) of funds from illegal gambling operations flowed into Singapore.

Wang, a Chinese national who had worked at the US bank for eight months, admitted to forging documents in an attempt to trick Citi’s compliance staff over the source of funds.

Liu Kai, another former banker who used to work at Swiss lender Julius Baer, is expected to plead guilty to forgery on Friday.

Citi and Julius Baer were among nine financial institutions fined by the Monetary Authority of Singapore in July over the money-laundering case.