Singapore Raids Brokers; Exchange Reports Irregularities. Singapore Charges Ex-Banker Following 1MDB Probe.

Looks like the local authorities may be (?) finally getting serious going after the behind-the-scenes shenanigans. Many critics have long indicated that Singapore is a key center for money laundering and a tax haven. Signs are there for all to see, conscious decisions by the government to create the eco-structure to attract the money to the island republic. Cue the F1, casinos, private banks, lavish infrastructure projects such as the new stadium, Marina Barrage, Esplanade, Sentosa Cove, tons of new art museums, private hospitals all of which sprung up within a span of a few years. Along with it, sky high property prices
leading to the government imposing all kinds of taxes and restrictions on property transactions to shore up support during the past election. Also, the big on-going international money laundering investigation involving 1MDB, Singapore is one of the key countries which money have flowed through. (Des Spiegel:  Dirty Money: Will Singapore Clean Up Its Act? SCMP: Singapore sees money laundering cases hit a record high Asiaone: Sudden closure of Singapore Pinacotheque museum disappoints art-lovers, frustrates tenants)


Singapore Raids Brokers; Exchange Reports Irregularities
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Singapore authorities raided a number of brokerages in a probe of possible breaches of the securities law, while the stock exchange reported several cases related to alleged insider trading and market manipulation as the city sought to protect its reputation as a financial center.

The Monetary Authority of Singapore and the Commercial Affairs Department are investigating possible contraventions of the Securities and Futures Act and have obtained documents and items from several broking firms and trading representatives, the MAS said Friday.
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Singapore Charges Ex-Banker Following 1MDB Probe
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Singapore authorities have charged a former private banker with money laundering, following their probe into an embattled Malaysian state investment fund, according to people familiar with the case.

Yeo Jiawei, a former wealth planner at the Singapore arm of Swiss private bank BSI SA, was charged on April 16, said the people. While the charge made no mention of 1Malaysia Development Bhd., they stemmed from investigations into the fund’s money flows, the people said. Singapore’s Attorney-General’s Chambers on Friday confirmed Yeo’s identity and the charge.
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