Singapore seizes bank accounts in Malaysian fund probe

The Monetary Authority of Singapore and the Commercial Affairs Department announced in a joint statement on Monday that since mid-2015 investigations have been underway to find “possible money laundering and other offenses carried out in Singapore” in connection with an investment fund belonging to the Malaysian government. “We have responded to all foreign requests for information and have requested information from relevant counterparts to aid in our investigations”.

“1MDB remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities, and in accordance with worldwide protocols governing such matters”, the statement said.

“There is nothing unusual or improper about one government publicly requesting another for information or for action to be taken on matters which concern both countries”, he said in a statement.

The bulk of the money flowed from the Swiss bank account of a British Virgin Islands-based company ahead of a close Malaysian election in 2013, according to the Malaysian government.

Regulators in the U.S. and Hong Kong are also reported to be investigating 1MDB.

Mr. Najib has denied wrongdoing or taking money for personal gain.

The claim comes just a week after Datuk Seri Najib was cleared by Malaysia’s Attorney-General of graft claims concerning US$700 million deposited into his bank accounts via companies linked to 1MDB.

Ramkarpal said that the public has every right to know the progress of investigations into 1MDB, adding that Attorney-General Tan Sri Mohamed Apandi Ali had agreed to cooperate with the OAG.

A Saudi official said the nation’s foreign and finance ministries weren’t aware of the donation. Lauber said Friday that he was concerned over the declaration as Malaysia’s decision to stop the probe into the transaction could create problems for their investigations.

The Swiss Office of the Attorney-General (OAG) did not do anything wrong in making a public statement related to its investigations on 1Malaysia Development Berhad (1MDB).

Last July, Malaysia’s then-Attorney General Abdul Gani Patail linked a donation of 1m (£478m) made to Mr Najib’s account with companies and bodies which had ties to 1MDB.

Last week, Switzerland’s chief prosecutor revealed that he had formally asked Malaysia for help with his probe into possible violations of Swiss law by 1MDB, saying suspected misappropriations amounted to about US$4 billion (S$5.7 billion).