Minister lauds Singapore action in 1MDB probe

PHOTO: The Star/Asia News Network

KUALA LUMPUR - Second Finance Minister Datuk Johari Abdul Ghani has commended the move by Singapore's financial regulators to sort out money laundering matters linked to 1Malaysia Development Berhad (1MDB).

"Very good. Because we want to make sure that all banks facilitate actions with regard to this," he said yesterday, adding that the process was also under way in Malaysia.

"So as far as Malaysia is concerned, we're going through that process."

Johari was referring to the action taken by Singapore against several individuals and banks tied to alleged lapses involving 1MDB deals.

On Wednesday, the republic convicted a third banker in the 1MDB scandal, former wealth manager with Swiss bank BSI, Yeo Jiawei, for obstructing 1MDB-linked investigations and witness-tampering. He was sentenced to 30 months' jail, yesterday.

Johari also said that there would be no business activities at 1MDB, which was being overseen by the Finance Ministry.