Singapore closes $2.2 billion money laundering case, imposes $21.5 million in fines

Singaporean authorities have imposed fines totaling 27.5 million Singapore dollars ($21.5 million) on nine major banks involved in the case. It is reported that these institutions were implicated in a money laundering scheme involving luxury residences and virtual assets (cryptocurrency).

According to Bloomberg on the 6th (Korean time), the Monetary Authority of Singapore (MAS) announced in a statement on the 4th that it had fined Credit Suisse, UBS Group AG, and Citigroup, among others. Among them, Credit Suisse received the largest fine, amounting to 5.8 million Singapore dollars.

These penalties are in response to a 3 billion Singapore dollar money laundering case that emerged in 2023. In connection with the case, ten Chinese nationals known as the "Fujian Gang" were convicted. Authorities seized cash, real estate, luxury goods, and virtual assets related to the incident.