Singapore fines Credit Suisse for 1MDB-linked probe
Singapore has imposed fines on Swiss bank Credit Suisse and a local bank for breaching rules on money laundering in connection with the alleged misappropriation from Malaysian state fund 1MDB.
Singapore (VNA) – Singaporehas imposed fines on Swiss bank Credit Suisse and a local bank for breachingrules on money laundering in connection with the alleged misappropriation fromMalaysian state fund 1MDB.
The Monetary Authority ofSingapore (MAS) said on May 30 it fined Credit Suisse 700,000 SGD (505,000 USD)and United Overseas Bank Ltd. 900,000 SGD.
Singapore has sofar imposed a total of 29.1 million USD in financial penalties on eight banksafter a two-year investigation into violations related to the 1MDB scandal. Thecase is also under investigation in the US and Switzerland.
The 1MDB fundwas established by the Malaysian government to stimulate economic development,but the loss of more than 3.5 billion USD in 2015 led to a series of investigations into thefinancial markets in the US, Switzerland, China, Malaysia, and Singapore.-VNA
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Swiss bank Credit Suisse (Photo: Forbes) 
