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By Francisco Rodrigues, AI Boost|Edited by Aoyon Ashraf
Jul 5, 2025, 5:51 p.m.
- Nine financial firms, including UBS and Citigroup, were fined a total of S$27.5 million ($21.5 million) for their involvement in Singapore’s largest money laundering scandal.
- The Monetary Authority of Singapore (MAS) concluded a two-year investigation into a $2.2 billion money laundering case, resulting in fines and convictions.
- The scandal involved the Fujian gang and led to the seizure of assets such as luxury real estate, cryptocurrency, and cash.
Singapore fined nine financial firms, including UBS and Citigroup, S$27.5 million ($21.5 million) after a probe into the country’s largest money laundering scandal, which involved the seizure of assets ranging from luxury real estate to cryptocurrency.
The Monetary Authority of Singapore (MAS) announced that Credit Suisse’s local unit, now part of UBS, faced the biggest penalty of S$5.8 million for gaps in anti-money laundering (AML) controls, Bloomberg reported. Citigroup’s Singapore business was also fined for compliance lapses.
STORY CONTINUES BELOW
The enforcement wraps up a two-year investigation into a sprawling S$3 billion ($2.2 billion) case revealed in 2023.
Ten individuals of Chinese origin, dubbed the Fujian gang, were convicted, while two ex-bankers were charged last year for their involvement.
Authorities seized cash, property, high-end goods, and cryptocurrency linked to the case. Involved firms are taking remedial steps, and the regulator plans to monitor progress closely.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
