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Banking

Asia: 1MDB puts Singapore private banking on notice

The Monetary Authority of Singapore has come out fighting after its private banking industry was immersed in the 1MDB scandal. A tax amnesty with Indonesia has posed further difficult questions about disclosure and privacy. Now the MAS has to show its teeth without wrecking an industry the country relies on.

Monetary Authority of Singapore MAS-R-600
A view of the Monetary Authority of Singapore building in Singapore April 18, 2016. REUTERS/Edgar Su - RTX2AEDU
© Edgar Su / Reuters/REUTERS

1MDB is the scandal that keeps on taking. Having crippled institutional and political trust in Malaysia, brought down senior figures across the Middle East and triggered intensive investigations from Switzerland to the US, it has now given Singapore’s private banking industry its greatest test in a generation.

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