Stan­dard Char­tered in cor­rup­tion probe

Southeast Asia Globe - - Agenda -

The Mon­e­tary Author­ity of Sin­ga­pore and the Guernsey Fi­nan­cial Ser­vices Com­mis­sion have launched an in­ves­ti­ga­tion into Stan­dard Char­tered over the trans­fer of $1.4 bil­lion from Guernsey to Sin­ga­pore by clients with links to the In­done­sian mil­i­tary, Bloomberg News re­ported last month. The two reg­u­la­tors be­gan in­ves­ti­gat­ing the trans­fer af­ter em­ploy­ees of the London-based bank, which has been em­broiled in a num­ber of high-pro­file mis­con­duct cases, flagged the trans­fer as sus­pi­cious. Staff high­lighted how, in some cases, clients only earned tens of thou­sands of dol­lars in in­come yet held tens of mil­lions in their ac­counts. The fact that a flurry of trans­fers took place just months be­fore Guernsey up­dated its tax laws also raised con­cerns.

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