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Johari commends Singapore regulator's action against alleged money laundering

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by December 22, 2016 General

KUALA LUMPUR: Second Finance Minister Datuk Johari Abdul Ghani (pic) has commended the move by Singapore’s financial regulators to sort out alleged money laundering linked to 1Malaysia Development Berhad (1MDB).

“Very good. Because we want to make sure that all banks will facilitate action with regard to this,” he told reporters after launching the LRT Ampang Line 20th Anniversary at LRT Bukit Jalil here.

He added that the process is underway for Malaysia.

“So as far as Malaysia is concerned, we’re going through that process,” he said.

Johari was referring to the action taken by Singapore against several individuals and banks tied to alleged impropriety involving 1MDB deals.

It was reported Wednesday that the island republic had convicted a third banker, former Swiss bank BSI wealth manager Yeo Jiawei, for obstructing 1MDB-linked investigations and witness-tampering.

Johari also stressed that there will be no business activities at 1MDB, which is overseen by the Finance Ministry.

“‘Run off’ 1MDB means we’re not going to do any business at 1MDB,” he said.

Johari was responding to questions about a previous interview with Bloomberg, where he said the Government would “run off” the state-owned body.

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