Latest news with #FujianGang
Yahoo
05-07-2025
- Business
- Yahoo
Crypto, Cash, and Condos: Singapore Ends $2.2B Laundering Case With Fines
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. 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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
South China Morning Post
04-07-2025
- Business
- South China Morning Post
Singapore fines 9 firms US$22 million over mega money-laundering case
The Monetary Authority of Singapore (MAS) has issued nine banks, capital markets services licence holders and trust companies composition penalties totalling S$27.45 million (US$21.55 million) over breaches tied to a S$3 billion (US$2.36 billion) money-laundering case that shook the city state. Advertisement MAS said on Friday the latest regulatory moves marked the end of enforcement action against financial institutions with connections to the case. All nine financial institutions have accepted the penalties for their violations arising from the largest money-laundering case ever in Singapore In August 2023, Singapore's authorities began their high-profile arrests of 10 people of Chinese origin who were found to be linked to an online gambling syndicate known as the Fujian gang. They used their ill-gotten gains to buy lavish items including high-end properties, luxury cars, jewellery and designer goods. Other individuals involved in the scheme remain at large. As of December 2024, assets amounting to around S$2.79 billion had been surrendered to the state, the home affairs ministry said earlier this year. The latest penalties by the MAS come second to S$29.1 million penalties issued against financial institutions with operations in Singapore following the 1Malaysia Development Bhd (1MDB) scandal. Among them, BSI Bank faced the largest penalty at S$13.3 million and lost its bank license here for serious breaches in anti-money-laundering requirements. Advertisement In the latest set of penalties, Credit Suisse Singapore, which has been acquired by UBS, received the largest penalty of S$5.8 million.
