SINGAPORE: According to Deputy Prime Minister Lawrence Wong on Wednesday( Aug 2 ), Singapore collaborated closely with British authorities on their investigation and prosecution of former F1 CEO Bernie Ecclestone.
Later this year, Ecclestone will go on trial for fraud over his alleged failure to inform the British government of a trust holding S$ 650 million( US$ 484 million ) in Singapore. The 92-year-old businessman entered a not guilty plea to the scams charge in June.
Mr. Wong was responding to inquiries made in congress by MPs from the Workers’ Party, Louis Chua and He Ting Ru.
Mr. Chua questioned whether the Monetary Authority of Singapore ( MAS ) was satisfied with the anti-money laundering precautions that had been put in place at the involved bank, while Ms. He asked if the government had received any requests from UK law enforcement agencies regarding the case.
In his written response, Mr. Wong stated that” it is our plan, in accordance with international process, to not comment on whether a foreign government has requested legal assistance on certain circumstances.”
” Having said that, we can verify that the Singapore Monetary Authority, Singapore Police Force, and Attorney General’s Chambers have collaborated attentively with UK authorities on their analysis and prosecution of Mr. Ecclestone.”
In fact, Singapore actively shared pertinent knowledge with our UK rivals, which aided in the development of their situation.
Mr. Wong, the Finance Minister, stated that MAS examined the banks in 2017 to evaluate its settings for reducing the risks associated with money laundering and terrorist financing. & nbsp,
He claimed that during the examination, MAS particularly examined the bank’s management of its relationship with Mr. Ecclestone.
While MAS discovered that the company’s anti-money laundering procedures could be improved, it did not uncover any structural flaws or weaknesses.
” MAS also noted that the bank immediately increased surveillance governs by mandating that all transactions get flagged for attention and authorization” when unfavorable information about Mr. Ecclestone first surfaced in 2013.
The banks involved in the case was not identified by Mr. Wong.
The Deputy Prime Minister added that MAS did keep collaborating with monetary institutions to maintain Singapore’s strong anti-crime defenses.