In 2016, Singapore sent two Swiss private banks - Falcon Private Bank and BSI SA - packing over their role in laundering billions of dollars stolen from 1MDB, a Malaysian sovereign wealth fund. The city-state also fined Credit Suisse Group AG, UBS Group AG, Standard Chartered Plc, Coutts & Co. and DBS Group Holdings Ltd. between S$700,000 and S$5.2mil. The haymaker came Monday as the Malaysian government filed criminal charges against units of Goldman Sachs Group Inc, which had pocketed hefty fees by helping 1MDB sell bonds. Still, the 1MDB episode is being taken more seriously by investors: Goldman shares are down 32 percent so far this year. While the implications of Malaysia’s actions against Goldman will extend beyond the investment firm, it’s unclear whether lessons are being learned.

Source: The Star December 17, 2018 12:56 UTC