Singapore fines $21.5 million to settle $2.2 billion money laundering case involving cryptocurrency, cash, and real estate

Odaily Planet Daily News: The Monetary Authority of Singapore (MAS) announced that nine financial institutions, including UBS and Citigroup, have been fined a total of SGD 27.5 million (approximately USD 21.5 million) to end the largest money laundering investigation in the country's history. The case involves 10 members of the 'Fujian Gang', and the seized assets include cash, luxury homes, luxury goods, and cryptocurrency. UBS's former Credit Suisse Singapore branch was fined SGD 5.8 million for anti money laundering control loopholes, making it the highest penalty institution. （CoinDesk）