Singapore’s government-linked bank DBS is under investigation for money laundering in the Malaysia’s 1MDB scandal. According to the Monetary Authority Singapore (MAS), bank accounts of DBS, along with other Singapore branches of UBS and Falcon, part of the unaccounted US$4.2 billion state funds in 1MDB were involved with a complex series of transactions with banks in United States, Switzerland, Luxembourg, and the United Arab Emirates. MAS is currently investigating whether if DBS has done its due dilligence finding out the source of the funds and their account holders under the anti-money laundering banking framework.
1MDB is founded by Malaysia Prime Minister Najib Razak in 2009, and it is exposed to have misappropriated funds by Wall Street Journal. Wall Street Journal is now under investigation for “leaking confidential documents” while PM Najib found himself innocent with an internal probe conducted by his Attorney-General. Politicians, news reporters and critics who call PM Najib corrupted have all been jailed, exiled or sued with defamation law suits in the similar method dealing with his critics as Singapore’s Prime Minister Lee Hsien Loong and his father Lee Kuan Yew employed.
US$681 million was deposited into PM Najib’s personal bank account in 2013, however according to the Malaysian authorities, the amount is a “gift” from an anonymous royal family member in Saudi Arabia.