PANews, July 6 - According to CoinDesk, after Singapore launched an investigation into the country's largest money laundering scandal, nine financial companies, including UBS and Citigroup, were fined 27.5 million Singapore dollars (approximately 21.5 million US dollars). The scandal involves various assets ranging from luxury real estate to cryptocurrencies.
The Monetary Authority of Singapore (MAS) announced that Credit Suisse's subsidiary in Singapore (now a subsidiary of UBS) faces a maximum fine of 5.8 million Singapore dollars due to loopholes in anti-money laundering (AML) control measures. Citigroup's Singapore operations were also fined for compliance violations.
The law enforcement agency conducted a two-year investigation into a case involving an amount of 3 billion Singapore dollars (approximately 2.2 billion US dollars) exposed in 2023, and the investigation has now concluded. Ten individuals of Chinese descent, known as the 'Fujian Gang,' were convicted, and two former bankers were prosecuted last year for their involvement in the case. Authorities seized cash, properties, luxury goods, and cryptocurrencies related to this case. The involved companies are taking remedial measures, and regulators plan to closely monitor the progress.