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.
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.