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Singapore central bank files police report on 1MDB article

The Star Online logo The Star Online 9/11/2018
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SINGAPORE (Bernama): The Monetary Authority of Singapore has filed a report with the Singapore Police Force against the author of an article published on on Nov 5, 2018, which made statements claimed to be false and malicious, and impugned the integrity of the central bank as a financial regulator.

The article titled “Lee Hsien Loong becomes 1MDB's key investigation target” alleged that Malaysia had signed several unfair agreements with Singapore, in exchange for Singapore banks' assistance in laundering 1MDB (1Malaysia Development Berhad) funds.

“The article is baseless and defamatory,” Monetary Authority said in a statement here.

“The article ignores the unprecedented and robust actions taken by (the Monetary Authority) over the last two years against Singapore-based banks and bankers in relation to their roles in 1MDB related transactions, in most instances ahead of enforcement actions by foreign jurisdictions.

“It also makes false allegations that Singapore was forced to reopen its investigations into 1MDB only after the change in political leadership in Malaysia.

“Investigations into the 1MDB case had never been closed,” it said.

At its Annual Report Press Conferences in 2016 and 2017, the Monetary Authority had made clear that it would not hesitate to investigate any new leads or evidence on 1MDB-related fund flows.

This was reiterated in the public statement jointly issued by the Monetary Authority, the Attorney General's Chambers, and the Singapore Police Force on June 8, 2018, said the statement.

The Monetary Authority said Singapore's law enforcement and regulatory agencies had also been cooperating actively with their counterparts in Malaysia, Switzerland, Luxembourg and the United States during the tenure of the previous Malaysian government.

“(The Monetary Authority) has placed utmost importance on safeguarding its integrity as a financial regulator, and takes seriously any false allegations to the contrary,” the statement added. –Bernama

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