Swiss bank Credit Suisse (Photo: Forbes)
 
Singapore (VNA) – Singapore has imposed fines on Swiss bank Credit Suisse and a local bank for breaching rules on money laundering in connection with the alleged misappropriation from Malaysian state fund 1MDB.

The Monetary Authority of Singapore (MAS) said on May 30 it fined Credit Suisse 700,000 SGD (505,000 USD) and United Overseas Bank Ltd. 900,000 SGD.

Singapore has so far imposed a total of 29.1 million USD in financial penalties on eight banks after a two-year investigation into violations related to the 1MDB scandal. The case is also under investigation in the US and Switzerland.

The 1MDB fund was established by the Malaysian government to stimulate economic development, but the loss of more than 3.5 billion USD in 2015  led to a series of investigations into the financial markets in the US, Switzerland, China, Malaysia, and Singapore.-VNA