1MDB review is over, but the effects are long-term
By Yasmine Yahya Regulators have wrapped up a two-year review of banks involved in 1MDB-related transactions known to-date but the after-effects of this probe will likely reverberate through the financial industry for many years to come. As the Monetary Authority of Singapore (MAS) itself noted in a statement on Tuesday (May 30), the review is the most extensive it has ever taken. The investigation was a deep dive into all the transactions that have flown through Singapore and were related to Malaysian fund 1MDB, which is under investigation in at least six countries over billions of dollars of suspected misappropriations. It led to the shutting down of two banks, BSI Bank and Falcon Bank and financial penalties totalling $29.1 million being imposed on eight banks - BSI, Falcon, DBS, UBS, Standard Chartered Bank, Coutts, Credit Suisse and United Overseas Bank. Prohibition orders have been issued against four former employees of financial institutions implicated in 1MDB-rel...