In a landmark case for Singapore, the first guilty plea was secured in the city-state's largest money laundering case, involving over $2.2 billion of assets that have been seized or frozen. This marks a significant milestone in Singapore's fight against financial crimes, as it convicts the first suspect in this high-profile investigation. Additionally, Singapore's central bank, the Monetary Authority of Singapore (MAS), has announced new licensing requirements for entities providing crypto custodial services, a move that tightens anti-money laundering rules for the crypto sector. These changes, part of legislation passed in 2021, are being enacted now to strengthen the regulatory framework around financial transactions and digital currencies. The first individual to plead guilty in this case has been sentenced to 13 months in jail, highlighting the severity with which Singapore is addressing such illicit activities.