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Singapore prepared to give more help to Malaysia on 1MDB transactions

(Source: www.channelnewsasia.com)

SINGAPORE: Singapore authorities are prepared to lend assistance to their Malaysian counterparts for investigations into the scandal-plagued state fund 1Malaysia Development Berhad (1MDB), the Monetary Authority of Singapore (MAS) and Commercial Affairs Department (CAD) said on Wednesday (May 16).

“The Singapore authorities have cooperated extensively with their Malaysian counterparts on their past requests for information in relation to 1MDB-related transactions, and are fully prepared to extend further assistance,” the agencies said in response to media queries.

Singapore has also taken “swift action” against financial institutions and individuals who have broken laws within the country’s jurisdiction in connection with 1MDB-related fund flows, they said.

Malaysia’s new Prime Minister Mahathir Mohamad has said he would reopen investigations into 1MDB and declassified on Tuesday a 2016 audit report on the fund which had been put under the Official Secrets Act. 

Former prime minister Najib Razak, who used to serve as chairman of 1MDB’s advisory board until its dissolution in the wake of the scandal last year, has denied any wrongdoing.

At least six countries, including the United States and Switzerland, are investigating claims that US$4.5 billion was allegedly siphoned off from 1MDB.

Singapore has jailed and banned several bankers for several 1MDB-linked convictions.

More Info: www.channelnewsasia.com