MAS looking into banks' role in $2.4b money laundering case
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SINGAPORE — Singapore's central bank said on Tuesday (Sept 26) it was looking into whether banks involved in a S$2.4 billion money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of SinMAS looking into banks' role in $2.4b money laundering case
SINGAPORE — Singapore's central bank said on Tuesday (Sept 26) it was looking into whether banks involved in a S$2.4 billion money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. Assets worth S$2.4 billion were seized, including luxury real estate, cryptocurrencies and cars. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. «Supervisory engagements with these (financial institutions) are ongoing to assess whether they had taken all reasonable steps to mitigate against money laundering/terrorism financing risks,» the MAS spokesperson said. «We will take action where the FIs' controls have fallen short, as we have done in past cases.» Read more