International Business & Economy 1MDB: Singapore seizes large number of bank accounts

1MDB: Singapore seizes large number of bank accounts

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A “large number” of bank accounts in relation to a probe on troubled Malaysian state fund 1MDB have been seized the Commercial Affairs Department and the Monetary Authority of Singaporeboth said in a joint statement today.
Their statement is as follows:
“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, the Commercial Affairs Department and the Monetary Authority of Singapore have been actively investigating possible money-laundering and other offences carried out in Singapore. In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.
Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States. We have responded to all foreign requests for information and have requested for information from relevant counterparts to aid in our investigations. As investigations are still on-going, we are not able to provide more details at this stage.”
 

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