Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained. Falcon is one of the banks under investigation by the Monetary Authority of Singapore (MAS) for a possible breach of […]

(Seychelles News Agency) – No funds or assets linked to investigations targeting a Malaysian state fund — 1Malaysia Development Berhad (1MDB) — have been found in Seychelles to date, the island nation’s authorities said Friday. The Financial Intelligence Unit (FIU) said the probe remains ongoing. In a press statement, the FIU said it is believed that “while the non-financial […]

The Monetary Authority of Singapore (“MAS”) recently announced that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (“AML”) requirements, poor management oversight, and gross misconduct by certain bank staff. http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-directs-BSI-Bank-to-shut-down-in-Singapore.aspx MAS also imposed financial penalties on the bank and referred members of staff and […]

US investigators are trying to determine whether Goldman Sachs Group Inc. broke the law when it didn’t sound an alarm about a suspicious transaction at Malaysia state investor 1MDB, the Wall Street Journal reported on Monday (June 6), citing people familiar with the investigation. The report said  the probe relate to US$3 billion ($4.07 billion) […]

The first 1Malaysia Development Bhd (1MDB) related arrest has taken place at the request of the United States, in a move that will send shock waves and shivers through the Malaysian political establishment and also in related businesses in Hollywood and Las Vegas. Sources close to Department of Justice officials in the United States have […]