By Yantoultra Ngui SINGAPORE (Reuters) - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 ...
By Yantoultra Ngui SINGAPORE - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion money laundering scandal in the globalBy Yantoultra Ngui
The Monetary Authority of Singapore will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. Singapore has benefited from huge asset inflows in the last few years, with wealthy individuals in Asia and elsewhere setting up family and trust offices to take advantage of incentives offered to such setups.
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