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Monday, 9 July 2018

Singapore investigating 1MDB since 2015 – two banks shut down, some others fined for regulatory breaches, individuals jailed and fined.


Singapore has been investigating 1MDB since 2015

Monday, 9 Jul 20185:38 PM MYT



SINGAPORE (The Straits Times/Asia News Network): Singapore has been thoroughly investigating 1MDB-related offences committed here since 2015, said its foreign minister Dr Vivian Balakrishnan (pic) on Monday (July 9).

"We took these enforcement and regulatory actions not because of political calculations, but because it is in our national interest to reaffirm and protect Singapore's reputation as a clean, transparent and trusted international financial centre," he said in Parliament.


"We do not tolerate the misuse of our financial system as a refuge or conduit for illicit funds."

Dr Balakrishnan was speaking on the 1MDB scandal in response to a question on the state of relations between Singapore and Malaysia.


Singaporean and Malaysian agencies also met several times over the past few months on 1MDB matters.

Dr Balakrishnan said Singapore had taken firm action since 2015 against those who have broken laws here in relation to the scandal – two banks have been shut down, some others fined for regulatory breaches, and individuals jailed and fined.

"So far, we are the only jurisdiction to have done so," he said.

He added that Singapore has also cooperated fully with Malaysia's official requests for information on 1MDB-related transactions, providing this information in thirty exchanges between March 2015 and August 2016.

This included proactively providing Malaysia with additional information on 1MDB-related fund flows on multiple occasions, he added.

"We will continue to assist the Malaysian government in its own investigations," said Dr Balakrishnan.

He added that Singapore has also informed the Malaysian government that it can go through Singapore's courts to establish ownership of any assets seized here that can be traced to 1MDB, and recover them. – The Straits Times/Asia News Network


Read more at https://www.thestar.com.my/news/regional/2018/07/09/singapore-has-been-investigating-1mdb-since-2015/#gLlhO4Z0k64pakMc.99

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