MAS probe into 40 banks in money laundering case
The Monetary Authority of Singapore (MAS) is asking a few financial institutions to co-operate in its probe into possible money-laundering and other offences, some of which may involve beleaguered Malaysian state investment company 1Malaysia Development Bhd (1MDB). At the same time, it is also reaching out to authorities in other jurisdictions to investigate the nature of certain cross-border flows of funds. MAS “has been conducting a thorough review of various transactions as well as fund flows through our banking system” as part of its investigations into possible money-laundering and other offences here.
