Malaysian and Singaporean authorities are said to be working together to track down missing billions from the tainted wealth fund 1MDB.
The U.S. Department of Justice confirmed its intention to carry on with its probe into the corruption-linked 1MDB fund. Now following the change of government in Kuala Lumpur Malaysian and Singaporean authorities are working closer together, according to a «Bloomberg» report.
Newly-elected Malaysian Prime Minister Mahathir Mohamad wants billions of dollars lost in the 1MDB corruption scandal returned to the country. His need intensified after the Bank Negara divulged total government borrowings from financial institutions of the previous administration amounted to close to 800 billion Malaysian ringgit.
Renewed Impetus
Under the previous administration the two-year-long investigation spearheaded by American prosecutors and spanning several countries including Switzerland, Singapore, and Luxembourg had ground to a halt. The latest report is an indication that Malaysian anti-corruption authorities will now seek to collaborate with their global peers.
Singapore has been the most severe in dealing with banks and bankers involved in the 1MDB debacle to date. The Monetary Authority of Singapore has banned eight bankers involved in the Malaysian graft scandal and shut down Switzerland’s BSI private bank and Falcon private bank over their 1 MDB dealings.
