SINGAPORE: Singapore’s central bank said on Monday the recent findings in a money laundering probe linked to Malaysian state fund 1MDB had dented the city-state’s reputation as a clean and trusted financial centre.
“There is no doubt that the recent findings have made a dent in our reputation as a clean and trusted financial centre,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at its annual news conference.
“MAS is determined to fix the problem, working together with the industry. MAS will further strengthen its enforcement capability to conduct rigorous investigations and to take swift and decisive action against errant FIs (financial institutions).”
The latest comments came after Singapore widened a crackdown on alleged money laundering in a probe tied to scandal-hit 1MDB, seizing assets and announcing last week it will take action against some of the biggest banks based in the city-state. -- Reuters