Singapore closes $2.2 billion money laundering case involving crypto, cash and real estate with $21.5 million fine

Planet Daily News: The Monetary Authority of Singapore (MAS) announced that it has fined nine financial institutions, including UBS and Citibank, a total of 27.5 million Singapore dollars (approximately 21.5 million US dollars) to conclude the investigation into the country's largest money laundering case. The case involves 10 members of the "Hokkien Gang" and the seized assets include cash, luxury houses, luxury goods, and cryptocurrencies. UBS's former Credit Suisse Singapore branch was fined 5.8 million Singapore dollars for anti-money laundering control loopholes, making it the institution with the highest fine. (CoinDesk)