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Singapore Fines $21.5 Million to Close $2 Billion Money Laundering Case Involving Cryptocurrency, Cash, and Real Estate
By: theblockbeats.news|2025/07/06 09:01:55
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BlockBeats News, July 6th, the Monetary Authority of Singapore (MAS) announced that nine financial institutions, including UBS and Citibank, were collectively fined 27.5 million Singapore dollars (about 21.5 million US dollars) to conclude the country's largest-ever money laundering case investigation. The case involved 10 members of the "Fujian Gang," with seized assets including cash, luxury homes, luxury goods, and cryptocurrency. The former UBS Singapore branch under UBS was fined 5.8 million Singapore dollars for anti-money laundering control gaps, the highest fined institution. (CoinDesk)
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