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The aim of the Proceeds of Crime Unit (PCU) is to contribute to a reduction in crime and the effective delivery of justice by making asset recovery an integral part of criminal investigation. By identifying, assessing, restraining and forfeiting illicit and unreported wealth accumulated through criminal activities, PCU aims to remove the incentive element in committing crime.
Through financial investigations, PCU provides enhanced evidence to strengthen prosecution efforts against a substantive or predicate offence. Separate charges for money laundering and related financial offences are usually preferred under the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act, Chapter 65A.
In the case of PP vs Wang Wan Ying, close co-ordination between PCU and investigators from Bedok Police Division enabled a successful conviction and also the recovery of about $7 million of illegal gains.
For a junior finance executive at Tyco Fire and Security (Tyco), Wang Wan Ying or Vera, as she was commonly known, seemed to be exceptionally well-off. By 2004, she had made full payment for a condominium, placed a down payment for another condominium located at the heart of the Central Business District, bought a few luxury cars and even invested in high-value insurance policies and unit trusts.
No one knew her secret to success, although there were rumours that her husband, a successful property agent, doted on her. Far from being the case, her husband was a heavy gambler and had raked up close to a million dollars in gambling debts.
It all began in 2001 when Vera discovered that the same invoices which were used to pay vendors could be reused by presenting them to the signatories to obtain new cheque payments. The signatories did not realise that the same invoices had been used repeatedly. Vera grew bolder and began using higher-value invoices such that the sum finally ballooned to $9.98 million by the end of 2004.
In early 2005, the company conducted an audit and Vera's misdeeds began to come to light. The complaint on the main offence of Forgery for the Purpose of Cheating was made at Ang Mo Kio Police Division. Thereafter, PCU was called in to conduct financial investigations to complement the main investigation as well as to identify and trace proceeds of crime with a view to recover all stolen monies, and to ascertain whether any money laundering offence was being committed.
Through financial investigations, investigators from PCU managed to recover more than $7 million worth of proceeds of crime in the form of cash, private properties, unit trusts, luxury cars and insurance policies. While it was crucial for the offence to be brought to light, it was equally vital to remove the incentive and motivation of the offender by locating and recovering stolen assets so that the criminal does not get to enjoy the proceeds of crime.
Financial investigations also accounted that $2.5 million of the un-recovered proceeds were used to pay off gambling debts incurred by Vera's husband. Vera spent around $500,000 on herself and her family members.
Vera was prosecuted with 23 charges under the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act along with 131 charges of forgery for the purpose of cheating under the Penal Code. She was sentenced on 19 January 2006 to 6 years of imprisonment for the money laundering offences. This was to run concurrently with the 10 years' imprisonment for the forgery offences.
Vera's husband was also prosecuted for 3 charges of dishonestly retaining stolen properties under the Penal Code, for his knowledge of the stolen monies in his bank accounts. He was convicted and sentenced to 9 months of imprisonment.
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