February 02, 2016
Singapore has seized a large number of bank accounts in recent months as part of an investigation into possible money-laundering linked to Malaysian state investment fund 1Malaysia Development Berhad (1MDB), authorities said on Monday.
Singapore is cooperating with authorities in Malaysia, Switzerland and the United States who are investigating 1MDB, said the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department, the city-state’s white-collar crime agency.
The Monetary Authority of Singapore has been in touch with Malaysian regulators since last year, when Malaysia’s government said 1MDB had redeemed US$1.1 billion from the Cayman Islands and placed it in the Singapore unit of Swiss private bank BSI.