Singapore freezes accounts linked to Malaysian’s 1MDB

Wednesday, 10:40, 03/02/2016

The Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have frozen a "large number" of bank accounts of Malaysian state investor 1Malaysia Development Berhad (1MDB) over alleged financial mismanagement.

In a joint statement released on February 1, CAD and MAS stated that Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds.

The two agencies also confirmed that since the middle of last year, they have been actively investigating possible money-laundering and other offences carried out in Singapore.

Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States as well as responding and requesting for information from relevant counterparts to aid in the investigations, the statement reported.

As investigations are still on-going, the authorities are not able to provide more details at this stage, added the statement.

In response to the MAS and CAD announcement, 1MDB issued a statement on the same day, saying it has not been contacted by any foreign legal authorities on any matters relating to the company.

1MDB said it remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities, and in accordance with international protocols governing such matters.

VNA

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