Singapore’s year of misbehaving moneymen puts MAS on high alert

(Dec 28): The naughty list for Singapore financiers has rarely been so long.

From the 1Malaysia Development Bhd-linked scandal to a 333-count front-running case and the largest market-manipulation prosecution in Singapore’s history, this year’s allegations of moneymen behaving badly have put the city-state’s image as a squeaky-clean financial hub to the test.

Regulators have responded with their busiest year of enforcement actions, shutting the local units of two Swiss banks, fining some of the world’s biggest lenders and seizing $240 million of assets. Ravi Menon, the head of Singapore’s central bank, summed up the city’s mood as the 1MDB-related cases escalated in July: “We can do better.”

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