The Central Bank of Singapore withdrew 2 licenses from Singapore banks

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The banks were thereby sentenced for being involved in the scandal with 1Malaysia Development Berhad – the funds illegally transferred from this government development company had been found on their accounts.

As a reminder, several Malaysian high-ranking officials are suspected to have plundered US$4Bn intending to create a Malaysian financial centre that was supposed to surpass Singapore in future.

Swiss BSI and Falcon Bank became the main victims of this scandal, having lost their licenses. Local Singapore banks have suffered much less – they were urged to pay several million US dollar penalties.