Daily Management Review

1MDB case: British banks caught on money laundering


12/02/2016


Monetary Authority of Singapore (MAS) has imposed multimillion fines on Singapore branch of Standard Chartered Bank and Coutts & Co for violating rules to combat money laundering. The charge has been in connection with suspected involvement in leakage of money from Malaysian wealth fund 1MDB.



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According to last data from Standard Chartered, it will be fined $ 5.2 million, and Coutts & Co - $ 2.4 million.

The MAS also going to initiate a 10-year ban for former director of Goldman Sachs Tim Leissner for false statements on behalf of the bank without knowledge and consent of the company. Previously, Leissner was responsible for the bank's interaction with state 1MDB fund, when Goldman Sachs organized three issue of securities from the fund from 2012 to 2013.

Recall that DBS, UBS and Standard Chartered were involved in a scandal around the Malaysian wealth fund 1MDB. Singapore's central bank said it has found serious violations. In addition, the US government planned to withdraw the fund's assets in amount of $ 1 billion.

Monetary Authority of Singapore said that "failures and weaknesses" were found in the sphere of monitoring of anti-money laundering activities, and measures will be taken against the banks.

In particular, banks have practiced a variety of complex transactions and tricks aimed at concealment of certain types of operations and cash flows of the Fund.

Shell companies to hide true beneficiaries were opened in various jurisdictions. The amount of withdrawn assets, according to Singapore's regulators, is about $ 177 million. 

The US Justice Department says the damage to fund amounted to more than $ 3.5 billion.

According to US prosecutors, 1MDB officials, their relatives and other partners withdrew this amount, through complex operations and front companies with bank accounts in Singapore, Switzerland, Luxembourg and the United States. The Wall Street Journal writes about the sum of $ 6 billion. 

source: wsj.com






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