Singapore punishes individuals, organisations linked to 1MDB Fund scan
Singapore punishes individuals, organisations linked to 1MDB Fund scandal
The Monetary Authority of Singapore (MAS) on March 13 announced its punishments on former banking officials found involving in the money-laundering activity of the 1MDB Fund.
The Monetary Authority of Singapore (MAS). (Source: straitstimes.com)
Hanoi(VNA) – The Monetary Authority of Singapore (MAS) on March 13 announced itspunishments on former banking officials found involving in the money-launderingactivity of the 1MDB Fund.
Accordingly, MASissued a 10-year ban, with immediate effect, for Tim Leissner, former directorof Goldman Sachs Singapore, from participating in any activities, directly orindirectly, under the realm of the Securities and Futures Acts as well asmanaging any financial companies in Singapore.
It also announcedbans from 15 years to lifetime for Jens Sturzenegger, former manager of Swiss-basedFalcon Bank’s office in Singapore, Yak Yew Chee and Yvonne Seah Yew Foong, formersemployees of Switzerland’s BSI Bank.
Earlier, in2016, MAS withdrew the operation licences of two Swiss banks BSI and Falcon witha combined fine of nearly 13 million USD, fined Singapore’s DBS andSwitzerland’s UBS nearly 1.7 million USD in total and two UK banks StandardChartered and Coutts over 5.3 million USD.
Singaporesuspended many accounts while probing 1MDB Fund’s scandal.
The 1MDB Fundwas formed by the Malaysꦡian government to promote economic development inMalaysia via global partnership and foreign direct investment. But in 2015, thefund lost 3.5 billion USD, which led to financial probes in many countries likethe United States, Switzerland, Singapore, Malaysia and China.-VNA
Malaysia will take legal action against individuals named in civil lawsuits filed by US prosecutors, if there is evidence that they defrauded the “1MDB Fund”.
Singapore will intensify measures to fight money laundering and terrorism financing in response to the latest warnings of the Financial Action Task Force (FATF).
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The Monetary Authority of Singapore (MAS) has imposed penalties on the local units of two UK-based banks – Standard Chartered and Coutts – for breaching anti-money laundering (AML) rules related to Malaysia's 1MDB fund.
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The Monetary Authority of Singapore (MAS). (Source: straitstimes.com) 
