Kim Taek Hoon, a 63-year-old South Korean national, has been accused of using illicit funds to purchase a staggering 28,000 gold bars, each weighing 1 kilogram, between 2014 and 2017. The alleged scheme, which involved cheating Singapore Customs and three logistics companies, has sparked a major investigation into trade-based money laundering.
According to court documents, Kim is accused of receiving large sums of cash from South Korea and Japan, which he then used to purchase the gold bars in Singapore. He allegedly concealed the gold bars in shipments of air-powered tools, declaring to the logistics companies and Singapore Customs that the shipments only contained the tools.
The three logistics companies, whose identities have not been disclosed, were allegedly deceived into processing the shipments, while Singapore Customs was misled into issuing Cargo Clearance Permits for the exports. The accused’s actions are said to have resulted in significant financial losses for the logistics companies and undermined the integrity of Singapore’s trade systems.
The investigation, led by the Commercial Affairs Department, has shed light on the sophisticated methods used by criminals to launder illicit funds through legitimate trade channels. The case highlights the importance of international cooperation and information sharing in combating transnational financial crimes.
Kim faces multiple charges, including cheating, money laundering, and failure to declare cash receipts exceeding S$20,000. If convicted, he could face imprisonment terms of up to 10 years, fines of up to S$500,000, or both.
The case serves as a warning to individuals and companies involved in international trade to be vigilant and report any suspicious transactions to the authorities. It also underscores the commitment of Singapore’s law enforcement agencies to detecting and prosecuting financial crimes, and to protecting the integrity of the country’s financial system.