1MDB probe: Singapore authorities seize large number of bank accounts

1MDB probe: Singapore authorities seize large number of bank accounts

SINGAPORE - A "large number" of bank accounts that could have connections to the probe on Malaysian state fund 1Malaysia Development Berhad (1MDB) have been seized, reported Channel NewsAsia.

According to a joint statement released today (Feb 1), the Commercial Affairs Department and the Monetary Authority of Singapore said they have been actively investigating "possible money-laundering and other offences carried out in Singapore" since the middle of last year. 

"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," the statement said. 

"Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States."

"We have responded to all foreign requests for information and have requested for information from relevant counterparts to aid in our investigations."

However as investigations are ongoing, the local authorities said they are not able to provide more details at this point. 

"Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds," the authorities added. 

Last Friday (Jan 29), the Swiss Attorney-General asked Malaysia to aid in a probe into the alleged misappropriation of US$4 billion (S$5.7 billion) linked to fund, making it the first time foreign-government investigator that has openly waded into the 1MDB affair.

The Swiss said funds were transferred to Swiss accounts belonging to former Malaysian public officials.

The claim comes just a week after Datuk Seri Najib was cleared by Malaysia's Attorney-General of graft claims concerning US$700 million deposited into his bank accounts via companies linked to 1MDB.


Read also:

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Swiss prosecutor seeks KL's help in 1MDB probe

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