Singapore Regulator Says 1MDB-Related Penalties 'Heavy Enough'
- Penalties strong enough to send deterrent signal, Menon says
- City imposed fines on eight banks following 1MDB probe
The Monetary Authority of Singapore building.
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The penalties Singapore handed out in relation to its probe into 1Malaysia Development Bhd.-related fund flows were strong enough to send “deterrent” signals, said the city’s regulatory chief.
The fines were in line with domestic legislation, Monetary Authority of Singapore Managing Director Ravi Menon told reporters at a briefing on Thursday, when asked if the penalties had been too light.