Singapore seizes RM710 million assets in 1MDB-related investigation

In a joint statement, the Monetary Authority of Singapore (MAS), the Attorney General's Chambers and the Commercial Affairs Department (CAD) of the Singapore Police Force said, the fund flows being investigated include those connected with the Good Star Limited (Seychelles), Aabar Investments PJS Limited (BVI), Aabar Investments PJS Limited (Seychelles) and Tanore Finance Corp. (BVI).

"The criminal investigations by CAD are targeted at individuals suspected of committing offences in Singapore related to these flows, while MAS has been examining the financial institutions through which the funds flowed for possible regulatory breaches and control lapses.

"In the course of the investigations, bank accounts belonging to various individuals have been seized and dealings in properties belonging to some of these individuals have been curtailed," they said.

MAS said it has completed its inspections of DBS Bank Ltd (DBS), Standard Chartered Bank (SCB) and UBS AG, Singapore Branch (UBS), and is now finalising its assessments.

"The preliminary findings are that there were instances of control failings in all three banks and, in some cases, weaknesses in the processes for accepting clients and monitoring transactions.

"There was also undue delay in detecting and reporting suspicious transactions," said the statement.

The statement was issued following United States Attorney General Loretta Lynch's announcement yesterday that a number of individuals were found to have been abusing 1MDB funds to siphon off some money into their personal bank accounts.