Singapore seizes bank accounts linked to 1MDB probe

SINGAPORE – Singapore has seized “a large number of bank accounts” as part of investigations into controversial Malaysian state fund 1MDB, authorities said Monday, February 1, vowing not to let the city-state become a refuge for illicit funds.

Singapore’s central bank and the police Commercial Affairs Department (CAD) said they had also interviewed various people and sought information from financial institutions.

“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds,” the Monetary Authority of Singapore and the CAD said in a joint statement.

They said that since the middle of last year, investigators from both bodies had been “actively” probing allegations of money-laundering in Singapore, a regional financial center.

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

The two Singapore agencies said they issued the statement in response to media queries about state-owned 1Malaysia Development Berhad (1MDB).

Neighboring Malaysia has been rocked for more than a year by allegations that perhaps billions of dollars had gone missing from complex overseas transactions involving the company, which is linked to Malaysian Prime Minister Najib Razak.

He has denied any wrongdoing.

“Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States,” said the statement, adding that it cannot divulge more details as investigations are still underway.

Singapore last year froze two bank accounts as part of its investigation into possible money-laundering offences related to 1MDB.

Malaysia’s attorney general promised Saturday to cooperate with a Swiss call for help in probing alleged massive corruption that has put Najib under severe pressure.

Swiss prosecutors on Friday said they believe around $4 billion was stolen from Malaysian state-owned companies including 1MDB, and called for Malaysian help in their investigation. – Rappler.com