Singapore Ends $2.2B Laundering Case With Fines

Singapore fined 9 monetary companies, together with UBS and Citigroup, S$27.5 million ($21.5 million) after a probe into the nation’s largest cash laundering scandal, which concerned the seizure of property starting from luxurious actual property to cryptocurrency.

The Monetary Authority of Singapore (MAS) introduced that Credit Suisse’s native unit, now a part of UBS, confronted the largest penalty of S$5.8 million for gaps in anti-money laundering (AML) controls, Bloomberg reported. Citigroup’s Singapore enterprise was additionally fined for compliance lapses.

The enforcement wraps up a two-year investigation right into a sprawling S$3 billion ($2.2 billion) case revealed in 2023.

Ten people of Chinese origin, dubbed the Fujian gang, have been convicted, whereas two ex-bankers have been charged final yr for his or her involvement.

Authorities seized money, property, high-end items, and cryptocurrency linked to the case. Involved companies are taking remedial steps, and the regulator plans to observe progress intently.