![Singapore to shame other errant banks after 1MDB saga](https://photo-cdn.urdupoint.com/media/2016/07/_2/740x404/pic_1469442851.jpg)
Singapore To Shame Other Errant Banks After 1MDB Saga
Fahad Shabbir (@FahadShabbir) Published July 25, 2016 | 03:34 PM
![Singapore to shame other errant banks after 1MDB saga](https://photo-cdn.urdupoint.com/media/2016/07/_2/740x404/pic_1469442851.jpg)
SINGAPORE, (UrduPoint / Pakistan Point News - 25th july,2016) - Singapore's central bank chief vowed Monday to name and shame other banks engaged in money-laundering after a scandal involving Malaysian state fund 1MDB hurt the city-state's financial reputation. The money-laundering lapses uncovered during a 15-month investigation into fund flows linked to 1MDB are "simply unacceptable", Monetary Authority of Singapore (MAS) managing director Ravi Menon told a press briefing.
"There is no doubt that the recent findings have made a dent on our reputation as a clean and trusted financial centre," he said. At the time of the transactions, it was not apparent to financial regulators worldwide that the fund flows were illicit, he said, adding that clues only started to emerge in 2014 -- some four years after the earliest transactions.
MAS began investigations in 2015, Menon said, declining to comment further because of continuing probes.
The MAS, which regulates the financial sector and also functions as Singapore's central bank, said it would be stepping up enforcement.
While previous regulatory dealings with errant financial institutions were kept confidential, Menon said some of them would now be named in public, especially in areas concerning money-laundering and terrorism financing.
"We are beginning to take a different tack because I think naming and shaming hurts them more than financial penalties," he said. In a joint statement with the police and the Attorney-General's Chambers last week, the MAS revealed it had seized nearly $180 million in assets through investigations into 1MDB.
Half of these were linked to Low Taek Jho, a Malaysian businessman and a close family friend of embattled Malaysian Prime Minister Najib Razak.
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