Singapore wants info from banks over alleged money-laundering case - Malaysia Crime Infonet

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Friday, April 01, 2016

Singapore wants info from banks over alleged money-laundering case



SINGAPORE --- The Monetary Authority of Singapore (MAS) says it has requested financial institutions to provide information for review as part of probe into possible money-laundering.

The MAS confirmed on Thursday that it had requested a number of financial institutions to furnish information for a review it was conducting as part of a probe into possible money-laundering and other offences.

The Australian newspaper reported on Thursday that two of Australia's biggest banks, ANZ and NAB, have been drawn into the MAS probe which is likely focusing on Malaysia's 1Malaysia Development Berhad (1MDB).

In response to media queries, MAS said "it is able to confirm that as part of its investigations into possible money-laundering and other offences in Singapore, it has been conducting a thorough review of various transactions as well as fund flows through our banking system".

"MAS has requested a number of financial institutions to furnish information relating to the review.

"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," said an MAS spokesman.

"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."

Retrieved from The Straits Times/Asia News Network
Singapore wants info from banks over alleged money-laundering case Reviewed by Unknown on Friday, April 01, 2016 Rating: 5 SINGAPORE --- The Monetary Authority of Singapore (MAS) says it has requested financial institutions to provide information for review ...


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