Singapore settles $2.2 billion money laundering case, fines nine institutions including UBS and Citigroup about $21.5 million

PANews reported on July 6 that according to CoinDesk, Singapore has imposed a fine of S$27.5 million (about US$21.5 million) on nine financial companies, including UBS and Citigroup, after launching an investigation into the country’s largest money laundering scandal, which involved assets ranging from luxury real estate to cryptocurrencies.

The Monetary Authority of Singapore (MAS) announced that Credit Suisse's Singapore subsidiary (now a unit of UBS) faced the highest fine of S$5.8 million for lapses in its anti-money laundering (AML) controls. Citigroup's Singapore business was also fined for compliance violations.

Law enforcement has concluded a two-year investigation into a S$3 billion (US$2.2 billion) case that came to light in 2023. Ten ethnic Chinese individuals known as the Fujian Gang were convicted and two former bankers were indicted last year in connection with the case. Authorities seized cash, property, high-end goods and cryptocurrencies related to the case. The companies involved are taking remedial measures and regulators plan to monitor progress closely.