Singapore Fines $21.5M in Largest-Ever Money Laundering Case Involving Cryptocurrency and Real Estate

Singapore's Monetary Authority of Singapore (MAS) has fined nine financial institutions, including UBS and Citibank, a total of 27.5 million Singapore dollars (approximately 21.5 million US dollars) in the country's largest-ever money laundering case investigation. The case involved 10 members of the "Fujian Gang" and seized assets including cash, luxury homes, luxury goods, and cryptocurrency. The former UBS Singapore branch was fined the highest amount, 5.8 million Singapore dollars, due to anti-money laundering control loopholes.