SINGAPORE: Deputy Prime Minister Lawrence Wong said in Parliament on Wednesday (Aug 2) that the government is working with authorities in the United Kingdom concerning former Formula One CEO Bernie Ecclestone’s fraud case.
In July 2022, he was charged with allegedly failing to declare over £400 million (over S$690 million) in overseas assets to the UK government. He will face trial in November for fraud over the trust fund he held in a Singapore bank account.
The 92-year-old Ecclestone, commonly called the “F1 Supremo” and who is one of the wealthiest men in the UK, has pleaded not guilty to the fraud charge.
DPM Wong said that Singapore is aiding UK authorities in Ecclestone’s case in answer to questions from Workers’ Party MPs Mr Louis Chua and Ms He Ting Ru, both of whom represent Sengkang GRC.
Mr Chua asked Prime Minister Lee Hsien Loong whether the Monetary Authority of Singapore is satisfied with the anti-money laundering precautions put in place at the Singapore bank where Bernie Ecclestone had placed his undisclosed assets.
Ms He, on her part, asked the Prime Minister a two-fold question, whether the Government received any requests from the UK law enforcement agencies regarding the Bernie Ecclestone case, and if so, what assistance was provided.
DPM Wong, who is also the Finance Minister, issued a written answer on behalf of PM Lee.
“It is our policy, in line with international practice, not to comment on whether a foreign government has made a request for legal assistance on specific cases.
That said, we can confirm that the Monetary Authority of Singapore, Singapore Police Force and Attorney-General’s Chambers have worked closely with UK authorities on their investigation and prosecution of Bernie Ecclestone.
In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case.”
He added that MAS specifically reviewed how the bank, which has not been named, handled its relationship with the former F1 CEO, adding that the Authority “found that there was room for improvement in the bank’s anti-money laundering processes,” but found no systemic gaps or weaknesses.
“MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval,” said the DPM. /TISG
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