MAS defends AML supervision in wake of billion-dollar scandal
Credit Suisse, Citi, DBS and Deutsche Bank among firms implicated
Ten suspects have been charged in Singapore in a billion-dollar money laundering scandal that implicates some of the world’s largest banks.
The incident has prompted a review of money laundering controls by the Monetary Authority of Singapore, and comes as the financial centre holds the Financial Action Task Force presidency.
The proceeds of the large-scale laundering are believed to come from “overseas organised crime activities, including scams and online gambling”, police said.
On
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