Singapore punishes individuals, organisations linked to 1MDB Fund scandal hinh anh 1The Monetary Authority of Singapore (MAS). (Source:

Hanoi (VNA) – The Monetary Authority of Singapore (MAS) on March 13 announced its punishments on former banking officials found involving in the money-laundering activity of the 1MDB Fund.

Accordingly, MAS issued a 10-year ban, with immediate effect, for Tim Leissner, former director of Goldman Sachs Singapore, from participating in any activities, directly or indirectly, under the realm of the Securities and Futures Acts as well as managing any financial companies in Singapore.

It also announced bans from 15 years to lifetime for Jens Sturzenegger, former manager of Swiss-based Falcon Bank’s office in Singapore, Yak Yew Chee and Yvonne Seah Yew Foong, formers employees of Switzerland’s BSI Bank.

Earlier, in 2016, MAS withdrew the operation licences of two Swiss banks BSI and Falcon with a combined fine of nearly 13 million USD, fined Singapore’s DBS and Switzerland’s UBS nearly 1.7 million USD in total and two UK banks Standard Chartered and Coutts over 5.3 million USD.

Singapore suspended many accounts while probing 1MDB Fund’s scandal.

The 1MDB Fund was formed by the Malaysian government to promote economic development in Malaysia via global partnership and foreign direct investment. But in 2015, the fund lost 3.5 billion USD, which led to financial probes in many countries like the United States, Switzerland, Singapore, Malaysia and China.-VNA