StanChart probed by MAS over fund transfers
MAS says supervisory probe is still ongoing and it will not tolerate abuse of its financial system
Financial regulators in Singapore, Indonesia and the Channel Island Guernsey are probing a transfer of assets by Standard Chartered, made just before a new global framework on tax transparency was introduced.
On October 5, Bloomberg reported that regulators in Guernsey and Singapore were investigating Standard Chartered over the role staff may have played in transferring $1.4 billion of funds at its private bank from the European island to Singapore, before Guernsey introduced the new tax
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