HALISTER1: Singapore Conducting Thorough Review of 1MDB-Related Fund Flows

Singapore Conducting Thorough Review of 1MDB-Related Fund Flows

(Bloomberg) -- Monetary Authority of Singapore says that as part of its investigations into possible money-laundering and other offences in Singapore, it’s been conducting “thorough review of various transactions as well as fund flows” through its banking system, central bank says in e-mailed statement.
  • MAS has requested a number of financial institutions to furnish information relating to review: statement
  • "Given the cross-border nature of these fund flows, MAS is also working closely with and seeking clarifications from relevant authorities in other financial centres": statement
  • "Besides any enforcement actions by the relevant authorities in Singapore for possible violations of our laws, MAS will not hesitate to take regulatory actions against financial institutions should they be found to have breached our banking rules. MAS will provide more details when we have completed our review.’’
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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