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.
In the latest set of penalties, Credit Suisse Singapore, which has been acquired by UBS, received the largest penalty of S$5.8 million.
