Singapore authorities to continue cooperation on discussions with Malaysia's 1MDB taskforce

Singapore authorities to continue cooperation on discussions with Malaysia's 1MDB taskforce

FILE PHOTO: Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015.
REUTERS/Olivia Harris/File Photo
SINGAPORE: The Singapore authorities have agreed to continue cooperating with Malaysia's 1MDB taskforce and keep up the exchange of information, following a "productive" meeting between both sides on Thursday (Jun 7). In a joint statement on Friday, the Attorney-General's Chambers (AGC), Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS) said the meeting on Thursday was held at the invitation of the Singapore authorities and that there was a "fruitful exchange of information".
main criminals in the scandal by Malaysia Home Minister Muhyiddin Yassin. An arrest warrant for Low was later issued by the Malaysian Anti-Corruption Commission. The Singapore authorities added in the statement that Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds.Strong action, such as criminal charges, convictions and large financial penalties, have been taken against financial institutions and individuals who have broken the laws within Singapore's jurisdiction in connection with 1MDB-related fund flows.Investigations are continuing into several other individuals suspected of being involved in 1MDB-related offences in Singapore, the statement added. 
Source: CNA/ng(aj)