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 –…
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