LEAKED: UBS, other Banks in Hot Water Even in Opaque Singapore over Money Laundering in 1MDB Scandal UBS

by Wolf Richter
Wolf Street

It just doesn’t let up with these banks….

“Three people with knowledge of the matter” told Reuters that Singapore’s central bank, the Monetary Authority of Singapore (MAS), is “scrutinizing,” as Reuters put it, several banks over suspicions that they broke anti-money-laundering rules in processing transactions of the scandal-infested Malaysian state-owned fund 1MDB.

The banks include UBS, DBS Group Holdings, Falcon Private Bank, and Coutts International. DBS is based in Singapore. The other three are based in Switzerland.

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