Two Singapore bank accounts linked to 1MDB scandal under police investigation

The police are investigating alleged money laundering offences linked to two local bank accounts that are involved in the 1MDB saga.
The police are investigating alleged money laundering offences linked to two local bank accounts that are involved in the 1MDB saga.PHOTO: BLOOMBERG

SINGAPORE - The police are investigating alleged money laundering offences linked to two local bank accounts involved in the ongoing 1Malaysia Development Berhad (1MDB) saga.

In a statement, the Singapore Police Force (SPF) said it had issued orders under the Criminal Procedure Code to freeze both accounts on July 15. Any dealings in respect of money in the accounts that are relevant to the investigation are prohibited. 

Investigations fall under Section 47 of the Corruption, Drug Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of benefits) Act, Chapter 65A.

“We understand that the Malaysian authorities have launched investigations into certain matters related to 1MDB," said the statement. "Singapore will continue to provide our full assistance and share information with the relevant authorities in Malaysia, within the ambit of our laws and international obligations."

 

It is understood that the Monetary Authority of Singapore (MAS) is also in close contact with the relevant financial institutions. 

The Business Times first broke the news on Wednesday (July 22) morning after the SPF responded to the paper's queries on whether it was looking into any money trail that could be linked to Singapore and if "any specific accounts related to individuals linked to 1MDB were being probed for suspicious transactions".

The latest developments saw Malaysian authorities arresting two men to aid a high-level multi-agency probe into the scandal-hit investor.

1MDB's advisory board is headed by embattled Malaysian Prime Minister Najib Razak.