Singapore Suffers 1MDB Collateral Damage

UBS Faces MAS Scrutiny for 1MDB

Wednesday 13 July 2016 

UBS to be scrutinized by S'pore’s regulator for dealings with 1MDB

critical difference between Swiss banking giant and BSI

put out of business by its involvement with 1MDB
S'pore’s ability to run clean financial center undermined by 1MDB scandal

1MDB suspected of funneling hundreds of millions of state money into private coffers and funding luxury goods, a reelection campaign, and Hollywood blockbuster «The Wolf of Wall Street.»

MAS looking into handful of banks over how they handled 1MDB

MAS to ask a number of banks further information about dealings with 1MDB
The disclosure could come as soon as Wednesday, they said.

BSI Shutdown

second wave of regulatory action against banks in Singapore and 1MDB

after MAS shutdown BSI in May for 1MDB money-laundering, corruption 

Sarawak Report posted bank statements 

US$2b from 1MDB flowed through UBS S'pore to account held by Aabar Investment

Aabar a sham entity set up by associates of Najib Razak.
UBS Raised Alarm

One critical difference is that UBS itself raised alarm over 1MDB to regulators.
UBS lodged a so-called Suspicious Transaction Report, or STR, to MAS

This sparked MAS’ investigation and possibly other involved banks

Singapore at Crossroads

1MDB marks a defining point for Singapore: the reputation of its relatively young financial center is at stake. The city-state is expected to deal forcefully with firms which have dealt in ill-gotten funds or used Singapore as a hub for their own illicit dealings.
For Singapore, disposing of modestly-sized BSI calculated regulatory move

bank was set to disappear anyway as previously-agreed acquisition by EFG 

sanctioning UBS, in S'pore for decades, thousands of employees, is another matter

Politically Delicate

UBS is a political matter for Singapore

UBS’ second-largest shareholder, 6.4% in the Swiss bank

conflict of interest over the city state’s role – shareholder versus regulator 

UBS, Falcon Bank, Banque Rothschild and Coutts caught up in the scandal

My comments :  Singapore's name has also been tarnished by 1MDB. UBS, BSI, Falcon Bank, Banque Rothschild and Coutts are all tarnished in this 1MDB scandal.

These are not small fry, especially folks like UBS, Banque de Rothschild and Singapore itself.  Much is at stake here.

If these folks are already suffering collateral damage do the crooks who caused all this damage think they are going to walk scot free?

As Dr Hannibal the Cannibal would say, 'they have planned something quite horrible .."