Singapore financial institutions were used for dubious 1MDB deals, monetary authority says, citing ‘serious lapses’
DBS Bank, Standard Chartered and UBS AG were among conduits for 1MDB transactions, say Singapore authorities
The Monetary Authority of Singapore said Thursday that some financial institutions in the major financial centre were used to facilitate dubious financial dealings linked to scandal-hit Malaysian state investment fund, 1MDB.
“Certain financial institutions in Singapore were among those used as conduits for these transactions,” it said, just a day after the US government moved to seize more than US$1 billion in assets it believes to have been bought with money stolen from 1MDB.
The MAS named Singapore’s DBS Bank and the Singapore branches of Standard Chartered Bank and UBS AG as those in which it has found “serious” lapses.
It said its overall investigations into the 1MDB case have revealed a “complex international web of transactions involving multiple entities and individuals operating in several jurisdictions.”
