Archive for May 31st, 2017

MAS caps 2-year extensive probe into 1MDB fund flows

Anita Gabriel
Business Times, Singapore
May 31, 2017

THE Monetary Authority of Singapore ended its “most extensive” ever two-year check on banks involved in the illicit fund flows of 1Malaysia Development Berhad (1MDB) with two more banks getting the rap, bringing the total number of banks here to eight that have been stung in various degrees by the Malaysian scandal.

The last two banks, Credit Suisse and United Overseas Bank (UOB), were fined S$700,000 and S$900,000 for seven and nine breaches of anti-money laundering (AML) rules, respectively, with MAS noting however that none had “pervasive” control weaknesses.

Their fines are also the lowest among the banks that were earlier hit with financial penalties that ranged between S$1 million (DBS Bank) and S$13.3 million (BSI Bank) as a result of MAS’ scrutiny into 1MDB-related money flows within the financial system here that has led to unprecedented actions against errant institutions and individuals. Read the rest of this entry »

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1MDB review is over, but the effects are long-term

Yasmine Yahya
Straits Times
MAY 30, 2017

SINGAPORE – Regulators have wrapped up a two-year review of banks involved in 1MDB-related transactions known to-date but the after-effects of this probe will likely reverberate through the financial industry for many years to come.

As the Monetary Authority of Singapore (MAS) itself noted in a statement on Tuesday (May 30), the review is the most extensive it has ever taken.

The investigation was a deep dive into all the transactions that have flown through Singapore and were related to Malaysian fund 1MDB, which is under investigation in at least six countries over billions of dollars of suspected misappropriations.

It led to the shutting down of two banks, BSI Bank and Falcon Bank and financial penalties totalling $29.1 million being imposed on eight banks – BSI, Falcon, DBS, UBS, Standard Chartered Bank, Coutts, Credit Suisse and United Overseas Bank. Read the rest of this entry »

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Alas – Kamarul Zaman is only a “downline” UMNO propagandist, and his admission that it is ridiculous for anyone to claim that “Lim Kit Siang is the DAP and DAP is Lim Kit Siang” will not stop the “upline” UMNO propagandists, cybertroopers and leaders from continuing such attacks

Kamrul Zaman Yusoff has done irreparable harm to the academic reputation of University Utara Malaysia (UUM) and I mourn for Malaysia’s university academic standards when people like him could become the director an university institute of political analysis.

Kamarul Zaman has only exhibited his academic mediocrity and sloppiness in his gem of lies and falsehoods in his latest FaceBook posting, repeating the garbage about a “DAP Christian agenda”, and claiming as proof two major “strategists” of such agenda, the DAP national organising secretary Anthony Loke and DAP national publicity chief Tony Pua.

But Kamarul Zaman did UUM and Malaysian universities’s academic reputation no favours when he committed the most rudimentary academic sin of being misled by Loke and Pua’s western names and not verifying that Loke and Pua are Christians in the first place. For Kamarul’s information, both Loke and Pua are not Christians. Where come the DAP’s “Christian agenda”? Read the rest of this entry »