Lessons from 1MDB: Can long-time customers be trusted?
If illicit funds can be easily processed through a particular financial institution or centre, complicity with criminals could be the result
Add BT as a preferred sourceFINANCIAL irregularities involving Malaysian state investment company, 1Malaysia Development Bhd (1MDB), have cast the spotlight on the complex and transnational nature of money laundering criminal activities. Numerous individuals and companies related to the troubled state fund are in the cross hairs of investigating authorities in at least 10 countries, including Singapore.
The Monetary Authority of Singapore (MAS) shuttered the local entities of Swiss private banks BSI and Falcon, imposed financial penalties on these and six other banks for breaches of anti-money laundering requirements and issued prohibition orders against former employees of individuals implicated in the transactions.
In its press release last year, the MAS noted that the errant individuals were convicted of:
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