Newspaper article International New York Times

Singapore Cites Bank Lapses in 1MDB Inquiry

Newspaper article International New York Times

Singapore Cites Bank Lapses in 1MDB Inquiry

Article excerpt

Officials found lapses in anti-money laundering controls at DBS Bank, Standard Chartered and UBS as part of a global investigation into the Malaysian sovereign wealth fund.

The authorities in Singapore said on Thursday that they had identified significant lapses in anti-money laundering controls at three banks tied to a global investigation into money stolen from a Malaysian sovereign wealth fund.

A joint announcement by Singapore's central bank, the city- state's police force and the attorney general's office cited the local lender DBS Bank and the local offices of Standard Chartered and UBS for "lapses and weaknesses" in controls.

The findings by Singapore, a regional financial center, came a day after the United States Justice Department said it had frozen properties and other assets worth more than $1 billion that had been acquired with money stolen from the Malaysian fund -- called 1Malaysia Development Berhad, or 1MDB -- by people close to Malaysia's embattled prime minister, Najib Razak. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.