Singapore to Take Stronger Regulatory Actions After 1MDB Probes
(Bloomberg) -- Singapore’s reputation has been dented after probes on transactions linked to 1MDB showed lapses of anti-money laundering controls at banks, Monetary Authority of Singapore Managing Director Ravi Menon says at Monday briefing.
- MAS won’t investigate 1MDB per se but more on transactions related to fund flows surrounding 1MDB: Menon
- MAS sees no “systemic” issues in banks’ reporting of suspicious transactions: Menon
- “What happened is simply unacceptable. We may not be any worse than other jurisdictions. But that is no consolation. We have not met the high standards we have set for ourselves,” Menon says
- Money laundering has became more sophisticated and thus more difficult to detect: Menon
- Large banks spending upwards of $1b/year in anti-money laundering measures, Menon citing reports
- MAS looking at technology to use in anti-money laundering control: Menon
- Fewer financial jobs, if at all, to be created in Singapore this year due to slower growth in sector: Menon
- Last year, financial services sector created net 4,500 jobs in Singapore: MAS data
- Non-performing loans ratio in Singapore banking system rose to 1.7% in first quarter, from 1.3% yr ago: MAS
- Banks in Singapore “well-placed” to ride current soft patch in economic conditions: MAS
- Menon says does not see ’’large capital outflows’’ from Singapore following Indonesia’s tax amnesty bill
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HALISTER1Source: BFW (Bloomberg First Word)
Tickers 0206021D MK (1Malaysia Development Bhd)
MASP SP (Monetary Authority of Singapore)
People Ambat Menon (Monetary Authority of Singapore)
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