Singapore has fined the Credit Suisse bank USD $700,000 for money laundering violations related to the 1 Malaysia Development Berhad (1MDB) principal investment fund scandal. In addition, the United Overseas Bank in Singapore was also fined USD $900,000 for similar breaches. Some of the individuals involved in the 1MDB scandal have been served prohibition orders. According to the Financial Times, Singapore’s central bank have fined Coutts and Standard Chartered Bank (SCB) regarding anti-money laundering associated with 1MDB.
The Monetary Authority of Singapore (MAS) released a statement saying that it has fined the Singapore branches of Coutts SGD $2.4m and Standard Chartered Bank SGD $5.2m ($3.65m). Following this, the bank plans to suspend a former Goldman Sachs banker for 10 years from working in Singapore’s security industry due to his part in the crime associated with the Malaysian national investment fund. Goldman Sach’s previous chairman of Southeast Asia, Tim Leissner, has also been served with prohibition orders by the Singaporean central bank due to stating false comments on the investment bank’s behalf.