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Monday, February 1, 2016

Monetary Authority of Singapore and CAD seize large number of bank accounts linked to 1MDB

The Monetary Authority of Singapore and the republic’s Commercial Affairs Department have seized a large number of bank accounts amidst the probe into 1Malaysia Development Berhad, the Channel News Asia reported today.

In a joint statement, the authorities said Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds.

The two agencies also said since the middle of last year, they have been actively investigating possible money-laundering and other offences carried out in Singapore.

“In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, interviewing various individuals and have seized a large number of bank accounts.

“Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States. We have responded to all foreign requests for information and have requested for information from relevant counterparts to aid in our investigations. As investigations are still on-going, we are not able to provide more details at this stage,” the statement read.

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