The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades.

Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets.

The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN).

"MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday.

"Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said.

It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force."

<a href="https://www.wionews.com/business-economy/fincen-documents-show-how-global-banks-moved-illicit-funds-despite-red-flags-329028">Also read | FinCEN documents show how global banks moved illicit funds despite red flags</a>

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

(with inputs)

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions. The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades. Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets. The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN). "MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday. "Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said. It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force." Also read | FinCEN documents show how global banks moved illicit funds despite red flags The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. (with inputs)

Singapore central bank studying reports on suspicious bank transfers

Singapore&#39;s central bank said on Friday it imposed penalties on the local units of Standard Chartered Bank and Coutts for money laundering breaches related to Malaysia&#39;s scandal-tainted 1Malaysia Development Berhard&nbsp;(1MDB) fund.

The penalties are S$5.2 million ($3.65 million) and S$2.4 million, respectively.

The Monetary Authority of Singapore has also served notice of its intention to issue a prohibition order against Tim Leissner, a former director and representative of Goldman Sachs Singapore.

The proposed order will prohibit Leissner for a period of 10 years from performing any regulated activity under the Securities Future Act, or taking part, directly or indirectly, in the management of any capital market services firm in Singapore. Leissner had been the&nbsp;Southeast Asia&nbsp;chairman of Goldman Sachs, and according to a <a href="https://www.bloomberg.com/news/articles/2016-03-30/the-rise-and-fall-of-tim-leissner-goldman-s-big-man-in-malaysia">Bloomberg </a>report&nbsp;a &quot;star banker&quot;.&nbsp;

Last year, Malaysia&#39;s Prime Minister, Najib Tun Razak, was accused of channelling at least&nbsp;$681&nbsp;million from 1MDB, a government-run strategic development company, into his personal band account.

Amid the breaking of the 1MDB scandal, Leissner, who Bloomberg reports had helped Goldman Sachs raise $6.5 billion for the state fund he oversaw, left amid questions surrounding the fund, his work on an Indonesian mining deal and also an allegedly inaccurate reference letter.&nbsp;

Singapore&#39;s central bank said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.

(WION with agencies)

The fallout from the nearly $700 million scandal is still ongoing, and both local banks and Goldman Sachs are among those being punished

Singapore's central bank said on Friday it imposed penalties on the local units of Standard Chartered Bank and Coutts for money laundering breaches related to Malaysia's scandal-tainted 1Malaysia Development Berhard (1MDB) fund. The penalties are S$5.2 million ($3.65 million) and S$2.4 million, respectively. The Monetary Authority of Singapore has also served notice of its intention to issue a prohibition order against Tim Leissner, a former director and representative of Goldman Sachs Singapore. The proposed order will prohibit Leissner for a period of 10 years from performing any regulated activity under the Securities Future Act, or taking part, directly or indirectly, in the management of any capital market services firm in Singapore. Leissner had been the Southeast Asia chairman of Goldman Sachs, and according to a Bloomberg report a "star banker". Last year, Malaysia's Prime Minister, Najib Tun Razak, was accused of channelling at least $681 million from 1MDB, a government-run strategic development company, into his personal band account. Amid the breaking of the 1MDB scandal, Leissner, who Bloomberg reports had helped Goldman Sachs raise $6.5 billion for the state fund he oversaw, left amid questions surrounding the fund, his work on an Indonesian mining deal and also an allegedly inaccurate reference letter. Singapore's central bank said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year. (WION with agencies)

Singapore central bank imposes penalties on Standard Chartered, Coutts in 1MDB-related probe

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Singapore central bank studying reports on suspicious bank transfers

Singapore central bank imposes penalties on Standard Chartered, Coutts in 1MDB-related probe