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Bank regulator to probe whether 1MDB funds laundered via Singapore banks

( April 1, 2016, 05:35 GMT | Insight) -- The Monetary Authority of Singapore has asked a number of banks to provide information on transactions and fund flows through the local banking system to aid its review of possible money-laundering offenses related to Malaysian state investment fund 1Malaysia Development Berhad, the Straits Times reports. The Monetary Authority of Singapore has asked a number of banks to provide information on transactions and fund flows through the local banking system to aid its review of possible money-laundering offenses related to Malaysian state investment fund 1Malaysia Development Berhad, the Straits Times reports. According to the report, the authority is investigating whether funds from entities related to 1MDB were split into small amounts and transferred to Singaporean banks to escape notice, as investigators traced close to $700 million of deposits moving through Falcon Bank in Singapore into the Malaysian prime minister’s personal accounts last July. The regulator, however, declined to name the banks it has included in its investigation....

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