The central bank of Singapore announced on Friday that it had fined several major global financial institutions. Some Swiss companies are also involved and will have to pay millions of euros in fines in Singapore for various offenses.

American Citibank and Switzerland's UBS and several major global financial institutions must pay fines for offenses related to the country's biggest money laundering case. According to the authorities of the island-state, ten people were convicted and imprisoned, in this case involving 3 billion Singaporean dollars (2 billion euros), for using Singapore's financial system to launder illicit gambling winnings from several countries, according to the

The Monetary Authority of Singapore (MAS) has launched an in-depth investigation into financial institutions to improve the reputation of its financial system after they were arrested in 2023. MAS has in fact imposed fines totalling a total of 27.45 million Singapore dollars (18.31 million euros) to sanction nine financial institutions for failures to prevent money laundering. Those convicted lived in Singapore's most upscale neighborhoods and owned luxury cars, jewelry, designer items, cryptocurrencies, and cash, all of which were seized by police