Singapore fined nine financial firms, including UBS and Citigroup, S$27.5 million ($21.5 million) after a probe into the country’s largest money laundering scandal, which involved the seizure of assets ranging from luxury real estate to cryptocurrency.
The Monetary Authority of Singapore (MAS) announced that Credit Suisse’s local unit, now part of UBS, faced the biggest penalty of S$5.8 million for gaps in anti-money laundering (AML) controls, Bloomberg reported. Citigroup’s Singapore business was also fined for compliance lapses.
The enforcement wraps up a two-year investigation into a sprawling S$3 billion ($2.2 billion) case revealed in 2023.
Ten individuals of Chinese origin, dubbed the Fujian gang, were convicted, while two ex-bankers were charged last year for their involvement.
Authorities seized cash, property, high-end goods, and cryptocurrency linked to the case. Involved firms are taking remedial steps, and the regulator plans to monitor progress closely.
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Francisco Rodrigues
https://www.coindesk.com/policy/2025/07/05/crypto-cash-and-condos-singapore-ends-22b-laundering-case-with-fines
2025-07-05 17:51:11
