S'pore bank accounts seized by CAD, MAS
DAYS after the Swiss put pressure on Malaysia to reopen a probe into the state's scandal-ridden 1Malaysia Development Berhad (1MDB) investment fund, Singapore's authorities said they have seized a "large number" of bank accounts in connection with investigations into possible money-laundering and other offences carried out here.
The Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) in a joint statement noted: "Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, CAD and MAS have been actively investigating possible money-laundering and other offences carried out in Singapore.
"In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals and have seized a large number of bank accounts."
CAD and MAS said Singapore is working closely with relevant authorities, including those in Malaysia, Switzerland and the United States. "We have responded to all foreign requests for information and have requested for information from relevant counterparts to aid in our investigations."