Archive for July 17th, 2016

Malaysians must be able to hope again that change of Federal Government which was within a whisker of achievement in the 13GE was possible and realizable in 14GE, even if held in July/August next year

In the 13th General Election in 2013 three years ago, Malaysians regardless of race and religion were never so united in wanting to bring about a change of Federal Government, which would be regarded as unthinkable and impossible just five years earlier before the “political tsunami” of the 12th General Election in 2008.

Although the majority of voters voted for change of Federal Government, the undemocratic and unfair electoral system allowed Datuk Seri Najib Razak to become the first minority Prime Minister in the country because he won some 60 per cent of the parliamentary seats with only some 47% of the popular vote.

Many Malaysians have become disappointed, disenchanted and given up hope that there is a possibility of democratic change in Malaysia, and have voted with their feet with a surge of migration in the past three years.

The greatest challenge in Malaysia today is to ensure that Malaysians can hope again that change of Federal Government, which was within a whisker of achievement in the 13GE, is still possible and realizable in the 14th General Election even if it is held in July/August next year. Read the rest of this entry »


UBS, DBS, Falcon face Singapore scrutiny over 1MDB transactions: sources

16th July 2016

Singapore’s central bank is scrutinizing several banks, including UBS (UBSG.S) and DBS Group Holdings (DBSM.SI), to see if they broke anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB, three people with knowledge of the matter said.

The Monetary Authority of Singapore (MAS) is looking at several aspects of the banks’ operations including whether they were diligent enough in knowing who their customers were and what the source of their funds was, and whether they were particularly careful in screening politically-exposed persons such as government officials, banking and legal sources aware of the review said.

The probe could lead to fines and other penalties if lapses are found, said the sources who declined to be identified due to the sensitivity of the matter. It is unclear which transactions by the banks are being examined.

Switzerland’s Falcon Private Bank and Coutts International, which is owned by Geneva-based Union Bancaire Privee, are also among the banks under review, they said.

UBS, Coutts, and DBS, which is Singapore’s top lender, all declined to comment. Read the rest of this entry »

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