Singapore vows tougher stance after 1MDB dents reputation

July 25 (Bloomberg): Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.

The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday.

“We may not be any worse than other jurisdictions,” Menon said. “But that is no consolation. We have not met the high standards we have set for ourselves.”

---

Related Stories

• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
• MAS Financial Stability Review shows local banks can withstand multiple shocks

---