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Thursday, July 23, 2015

Singapore vows tough action on banks in 1MDB scandal

Also pledges full assistance and sharing of information with Malaysian authorities.
monetary-1MDB
SINGAPORE: The Monetary Authority of Singapore (MAS) has warned its financial institutions that they will be dealt with firmly for serious breaches of the island nation’s banking regulations, Singapore’s Straits Times reports.
The warning comes after Singaporean banks were found to have been involved in transactions involving beleaguered Malaysian sovereign fund 1Malaysia Development Berhad (1MDB) which appear to have turned into scandals on this side of the causeway.
Heightened vigilance by the authorities has come as a result of revelations by the Wall Street Journal at the beginning of this month that almost US$700 million from Singaporean banks may have flowed into the Malaysian bank accounts of Prime Minister Najib Razak.
The scandal has resulted in Singapore police confirming yesterday that they had on July 15 ordered a freeze on two bank accounts as part of what it termed “an investigation into possible money-laundering offences”.
The Monetary Authority of Singapore (MAS) was also reported to have said that it was in close contact with the relevant financial institutions which are understood to be at the centre of the 1MDB probe. One of them, Falcon Bank, has confirmed that it was cooperating with the authorities.
“Our main concern is (to ensure) they have adhered to the high standards that we expect of them in anti-money laundering and countering terrorism financing,” MAS managing director Ravi Menon told the Straits Times. “Our focus is on whether they’ve exercised sufficient diligence and prudence with respect to these flows.”
Specifically, MAS said that it was looking into whether the banks involved followed regulated processes with regard to customer identification, verification of the sources of funds, accounts monitoring and the reporting of any suspicious transactions.
It warned of tough action in the event financial institutions are found to have committed serious breaches.
It also vowed to continue to provide Malaysian authorities with full assistance and to share information within the ambit of its laws and international obligations.

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