LEAKED: UBS, other Banks “Scrutinized” by Singapore over Money Laundering in 1MDB Scandal

Raging Bull-shit

It just doesn’t let up with these banks….

By Wolf Richter of WOLF STREET

“Three people with knowledge of the matter” told Reuters that Singapore’s central bank, the Monetary Authority of Singapore (MAS), is “scrutinizing,” as Reuters put it, several banks over suspicions that they broke anti-money-laundering rules in processing transactions of the scandal-infested Malaysian state-owned fund 1MDB.

The banks include UBS, DBS Group Holdings, Falcon Private Bank, and Coutts International. DBS is based in Singapore. The other three are based in Switzerland.

The 1MDB scandal revolves around $4.2 billion that, according to a Malaysian parliamentary investigation earlier this year, went missing or ended up in overseas accounts whose owners couldn’t be determined. These transactions were all processed by banks. In 2013, $681 million appeared in the personal account of Malaysian Prime Minister Najib Razak, who also served as chairman of 1MDB until recently. Najib has denied any wrongdoing –…

View original post 237 more words


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s