1MDB saga: What the public needs to know

FOR a country well-reputed for its robust regulatory framework, the 1Malaysia Development Berhad (1MDB) saga has brought the vigilance of financial institutions in Singapore sharply into the spotlight.

Questions remain as to how gross breaches of our anti-money laundering (AML) rules occurred, and why the public has not been kept meaningfully informed of the progress of investigations being undertaken. It is now opportune for the Monetary Authority of Singapore (MAS) to consider its disclosure framework regarding regulatory matters.

THE EUROPEAN PRACTICE