MAS unit to fight money laundering

The Monetary Authority of Singapore (MAS) yesterday launched a unit to fight money laundering, strengthening safeguards against illicit fund flows.

MAS officials have said plans for the special unit predated the scandal involving Malaysian state fund 1MDB and banks operating in Singapore.

"But these recent developments have indeed underscored the merits of bringing together supervisory resources from across MAS to give a centralised focus on combating money laundering," an MAS spokesman had said last month.

In May, Switzerland's BSI Bank was expelled for "gross misconduct" related to 1MDB.

Last month it was revealed Singapore had seized nearly US$180 million (S$241.11 million) in assets through its investigations into suspected fraud and money laundering linked to the fund.

MAS also confirmed yesterday that it was examining the extent of Goldman Sachs Singapore's involvement in 1MDB bond deals.

US regulators last week said they had issued subpoenas to the American investment bank asking for documents related to its dealings with 1MDB.

- AFP.