Singapore heavily penalises nine financial institutions for money laundering
This is considered the second largest cumulative penalty imposed by MAS for breaches related to anti-money laundering and countering the financing of terrorism.
Singapore (VNA) – The Monetary Authority of Singapore (MAS) has fined nine financial institutions 27.45 million SGD (21.55 million USD) for breaches related to the 2023 money laundering case involving more than 3 billion SGD in assets.
This is considered the second largest cumulative penalty imposed by MAS for breaches related to anti-money laundering and countering the financing of terrorism, after the 1Malaysia Development Berhad (1MDB) case in 2017.
According to the MAS announcement on July 4, Credit Suisse received the highest composition penalty of 5.8 million SGD. The bank was acquired by fellow Swiss bank UBS in 2023.
UOB, UBS, UOB Kay Hian, and Citibank received the next highest penalties.
Swiss bank Julius Baer, asset management firm Blue Ocean Invest, financial services firm Trident Trust Company, and Liechtenstein’s LGT Bank were also penalised.
MAS said it found shortcomings in the areas of customer risk assessment, establishing and corroborating source of wealth of customers who posed a higher risk of money laundering, transaction monitoring, and post-suspicious transaction report follow-up.
The authority noted the institutions have begun addressing these shortcomings, and that it will keep a close watch on this process.
It added action has also been taken against 18 individuals involved in managing relationships with suspects in the case.
Investigations into the transnational case date back to 2021 and culminated in islandwide police raids in August 2023. Ten foreign nationals were arrested. All have been convicted and were deported after serving their sentences.
In the 1MDB case, MAS imp🔥osed 29.1 million SGD in penalties on eight banks between 2016 an꧋d 2017, and also shut two of the banks./.
In 2024, scam victims in Singapore lost 1.1 billion USD, a record high in a single year. The police also saw the highest number of scam reports, with 51,501 cases compared with 46,563 in the previous year.
The Monetary Authority of Singapore (MAS) last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 – or close up shop.
The top three categories of illegal health product listings detected and removed by HSA consisted of medicine for skin and hair conditions (37%); antibiotic, antifungal and antiviral creams, tablets or capsules (15%); and unregistered contact lenses (13%).
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
