According to Foresight News, the Monetary Authority of Singapore (MAS) has concluded a two-year investigation into a significant financial crime case revealed in 2023, involving a sum of 3 billion Singapore dollars (2.2 billion USD). Ten individuals of Chinese descent have been found guilty, and two former bankers were charged last year for their involvement in the criminal activities. Authorities seized cash, properties, luxury goods, and cryptocurrencies related to the case.
Additionally, MAS has imposed fines totaling 27.5 million Singapore dollars (approximately 21.5 million USD) on nine financial institutions, including UBS and Citibank. The former Credit Suisse Singapore branch, now under UBS, received the highest fine of 5.8 million Singapore dollars due to anti-money laundering control deficiencies.