Singapore concludes investigation into $2.2 billion Money Laundering case, nine Financial Institutions fined $21.5 million.

According to TechFlow news on July 6, reported by CoinDesk, the Monetary Authority of Singapore ( MAS ) recently announced a total fine of 27.5 million Singapore dollars ( approximately 21.5 million US dollars ) imposed on nine financial institutions including UBS ( and Citigroup ), marking the end of the largest money laundering investigation in the country's history.

According to Bloomberg, the Credit Suisse Singapore branch, now merged with UBS, faces a maximum fine of 5.8 million SGD due to anti-money laundering ( AML ) control loopholes. Citigroup's Singapore operations were also fined for compliance errors.

The investigation, which began in 2023 and lasted for two years, involves money laundering activities totaling up to 2.2 billion dollars. During the investigation, ten Chinese nationals known as the "Fujian Gang" have been convicted, and two former bankers were also prosecuted last year for their involvement.

Law enforcement agencies seized a large amount of assets in this case, including cash, luxury properties, high-end goods, and cryptocurrencies. The Monetary Authority of Singapore stated that the involved financial institutions are taking remedial measures, and the regulatory authorities will closely monitor the progress of the rectification.