‘NOTHING NEW IN DoJ SUIT’
We have not found anything new in DoJ filing, says MAS managing director
THE Monetary Authority of Singapore says it has not found anything new in the United States Department of Justice’s latest civil forfeiture suit to recover assets bought with money allegedly misappropriated from 1Malaysia Development Bhd. The authority adds that it has taken ‘tough action’ to restore Singapore’s reputation. It will reopen files on the case if there’s new information from investigations in Singapore or elsewhere.
THE Monetary Authority of Singapore (MAS) has not found anything new in the latest filing by the United States Department of Justice (DoJ) that warrants further action.
MAS managing director Ravi Menon said the central bank had taken “tough and unprecedented enforcement actions” to restore Singapore’s reputation as a “clean and trusted financial centre”, Singapore’s Channel News Asia (CNA) reported.
The media outlet quoted him as saying this at the release of MAS’s annual report for 2016/2017 yesterday.
Ravi said, so far, two merchant banks had been closed while eight others were fined a total of S$30 million (RM93.3 million) for breaches related to 1Malaysia Development Board (1MDB), which were the heaviest aggregate financial penalties to date.
MAS also issued prohibition orders against four individuals and served notices of prohibition orders against three more for various regulatory breaches.
The central bank also imposed lifetime bans for the first time on two individuals.
Ravi said if any new information or leads arose from ongoing investigations in Singapore or elsewhere, MAS would reopen files and pursue the matter.
He said MAS had also intensified its supervision of financial institutions that had “higher inherent money laundering risks or control areas found to be lacking from past inspections”.
Last month, MAS imposed financial penalties on Credit Suisse and UOB amounting to S$700,000 and S$900,000, respectively, for breaching moneylaundering regulations as it completed its two-year review of banks involved in 1MDB-related transactions.
The DoJ filed civil forfeiture suits this year and last year to seize assets that it alleged were bought with money allegedly misappropriated from 1MDB.
CNA reported that in the latest development, Australian model Miranda Kerr had turned over US$8.1 million (RM34.7 million) worth of jewellery to the DoJ following allegations that the items were linked to 1MDB, which she received from Penang-born tycoon Low Taek Jho.
Attorney-General Tan Sri Mohamed Apandi Ali was recently quoted as saying that the latest DoJ action relating to 1MDB was politically motivated.
He said the DoJ had not made any formal application to the Malaysian Attorney-General’s Chambers to obtain further information on claims that 1MDB funds had been used to purchase the US$540 million worth of assets in the US that the DoJ wanted to seize.
“If they request (any information pertaining to 1MDB), we are obliged to assist.
“So, I conclude that their action is political in nature. It is believed that the DoJ’s action is based on information provided by a handful of Malaysians,” he was quoted as saying.