Standard Chartered in corruption probe
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.