RPT-Singapore states has actually seized S$ 240 million in assets in 1MDB-related probe

(Repeats to extra customers) Singapore authorities have
seized assets worth S$ 240 million in an investigation of
1MDB-related fund streams for possible cash laundering, in a.
probe which has found “shortages” at a number of significant banks in.
the city-state.

” The fund flows being examined include those linked.
with Great Star Limited (Seychelles), Aabar Investments PJS.
Minimal (BVI), Aabar Investments PJS Limited (Seychelles), and.
Tanore Finance Corp. (BVI),” stated a joint statement by the.
Monetary Authority of Singapore, the Attorney-General’s Chambers.
and the Commercial Affairs Department.

The Monetary Authority of Singapore stated it has completed.
its evaluations of DBS, Requirement Chartered.
and UBS and preliminary findings showed circumstances of.
” control failings” in all three banks and “weaknesses in the.
procedures for accepting customers and keeping track of deals.

” There was also unnecessary delay in finding and reporting.
suspicious deals,” the statement said.

( Reporting by Marius Zaharia. Modifying by Expense Tarrant).

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