Asia today
For the second time since the 1980s years has Singapore confiscated a banklisens. Falcon Bank to have facilitated the laundering of over 20 billion. The money will among other things have ended up in the movie “Wolf of Wall Street”.
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dozens of billion has disappeared from the 1 Malaysia Devolopment Bhd (1MDB). The investment company was created to manage and invest in solid growth companies after the financial crisis. The money ended up in the luksuseiendommer and Hollywood movies.
money Laundering
Central politicians, including the malaysian prime minister and family members, are involved. In Malaysia have investigation long since stopped up and no one is suspected to have done anything illegal.
the Investigation has continued in Singapore, Switzerland, the united STATES and other countries where large sums of money were transferred to and from Malaysia. Singapore does not want to appear to be a haven for money laundering and has followed the pengetransaksjonene.
On Tuesday got the Falcon Private Bank ceased banklisensen in Singapore. The local bankdirektøren is arrested.
“Falcon Bank has shown a persistent and serious lack of understanding of hvitvaskingslovene in Singapore, and what the requirements and expectations imposed on a bank that has a licence,” writes the singapore central bank Monetary Authority of Singapore (MAS).
In may of this year, the swiss bank BSI Bank’s forfeited banklisensen – also because of its role in the 1MDB scandal. This was the first time since 1984 that Singapore had forfeited a banklisens.
– This is the worst case of lack of control and gross misconduct we have seen in Singapore’s finanssektor. It is an important reminder to all financial institutions to take money laundering seriously, ” said director Ravi Menon in the BUSTLE of the city.
Criticize bankledelse
Singapore has had several finansskandaler. In the middle of the 1990s managed valutatraderen Nick Leeson to topple Barings Bank – Britain’s oldest commercial bank – after having lost 827 million pounds (well, ten billion with the current course).
1MDB scandal more serious than Barings-collapse, according to the MAS, which is supervised by the head with one of the world’s largest financial centres. According to a report from the bank has employees in the two banks “misrepresented the truth” in the interrogation and given misinformation.
Ravi Menon, who is the Singapore governor, has criticized the management in many banks for not having done enough to stop the hvitvaskingen. On Monday, they received the singapore storbankene DBS and UBS fined six million for breach of hvitvaskingsreglene.
the Management of the banks, as the singapore state as the largest owner, went free.
- the Management must give the signals from the top. It must not be such that results are more important than to behave properly, said Menon on Tuesday.
“the Wolf of Wall Street”
The swiss financial supervisory authority of norway (Financial Market Supervisory Authority) have also started the investigation of the Falcon Private Bank, which has substantial activity in Switzerland.
the Bank is owned by the International Petroleum Investment Company, which is the government investment company in Abu Dhabi – one of the world’s largest oljefond.
According to a report from the swiss financial supervisory authority of norway received the Falcon Bank in Singapore 3,8 billion dollars from the malaysian investment company. The money was almost immediately sent to other parts of the world, including into tax havens.
the Investigation in Singapore was started after the disclosure in malaysian blogs, newspapers, and leaks around the money transfers to and from the malaysian investment company 1MDB. The malaysian prime minister fired the director of public prosecutions that started the investigation.
the Wall Street Journal has led the leaks. The newspaper wrote last year summer that almost 700 million dollars (six billion) found its way from the subsidiary to the prime minister Najib Razaks private bank account before it was to be held options. This rejected Najib for a long time.
When it came to bank statements which showed a balance on his account, he changed his explanation and said that the money came from the saudi royal family.
the Prime minister’s stesønn purchased luksuseiendommer for over 750 million in London, New York and Los Angeles. He also financed the film “the Wolf of Wall Street”. The money should, according to the Wall Street Journal have come from 1MDB.
Markets
There is mixed development by the asian stock markets on Tuesday morning. The Nikkei index at the Tokyo stock exchange has risen since the trade opened, but in Hong Kong, Seoul and Taipei have nøkkelindeksene fell by around one per cent.
Samsung has stopped the production of smarttelefonserien Galaxy Note 7 for new cases of explosions and fires due to a manufacturing defect. The share price has dropped by over seven per cent. This corresponds to aksjeverdier at 144 billion today.
The japanese airbagprodusenten Takata, who has been involved in scandals over several years with airbager which have exploded by the minor accident and caused at least 15 deaths, considering to turn itself into bankruptcy, according to the Nihon Keizai Shimbun. The share price has fallen by eight per cent.
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