SINGAPORE’S enforcement agencies have worked closely with the United Kingdom authorities in the latter’s investigation and prosecution of ex-Formula One (F1) boss Bernie Ecclestone, Deputy Prime Minister Lawrence Wong said on Wednesday (Aug 2).

Ecclestone is facing a fraud charge for failing to declare millions of dollars held in a trust here to the British tax authority.

In a written reply on behalf of the Prime Minister, Wong said he could not comment on whether a foreign government has requested legal assistance on specific cases, citing Singapore’s policy, which is in line with international practice.

But he could confirm that the Monetary Authority of Singapore (MAS), Singapore Police Force and Attorney-General’s Chambers have “proactively shared relevant information” with their UK counterparts, which helped them develop their case against the British tycoon.

Wong was responding to parliamentary questions filed by Workers’ Party (WP) MPs Louis Chua and He Ting Ru which pertained to the trial of Ecclestone.

The 92-year-old is alleged to have more than £400 million (S$682 million) tucked away in a Singapore bank.

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He was charged in July 2022. The charge relates to false representation that took place between July 2013 and October 2016.

Britain’s tax authority, His Majesty’s Revenue and Customs (HMRC), said it had conducted a “complex and worldwide criminal investigation” which uncovered the existence of the Singapore assets.

Wong added that MAS in 2017 had inspected the bank involved to assess its controls for mitigating money laundering and terrorist financing risks, and had specifically reviewed the handling of its relationship with Ecclestone.

Although the bank had room to improve in its anti-money laundering processes, no systemic gaps or weaknesses were found, he said.

“MAS also noted that when adverse news about Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval,” he added.

Meanwhile, in a separate written reply to WP MP Gerald Giam, who asked about the F1 Singapore Grand Prix contract and if it will be relooked at, Minister for Trade and Industry Gan Kim Yong said he was unable to comment on any ongoing investigations by the Corrupt Practices Investigation Bureau.

The current contract to host the night race is the fourth contract renewal, and the decision to run it for another seven years was based off the findings of an independent study commissioned by the Singapore Tourism Board.

“Since its debut in 2008, the race has generated more than S$1.5 billion in incremental tourism receipts and attracted more than 550,000 unique international visitors.

“The study concluded that the race would continue to bring significant benefits to Singapore,” said Gan, who explained that the seven-year period took into account time for international travel to recover after the Covid-19 pandemic, as well as the construction of NS Square, which is replacing the floating platform at Marina Bay. THE STRAITS TIMES