Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB

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MAS doing a good job cleaning up...
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Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB

Singapore's central bank on Tuesday shut down a second Swiss bank in the city-state and fined banks DBS and UBS in its biggest crackdown on alleged money-laundering activities connected with Malaysia's scandal-tainted 1MDB fund.

The Monetary Authority of Singapore (MAS) said in a statement it had ordered Zurich-based Falcon Private Bank's Singapore branch to cease operating because of "a persistent and severe lack of understanding" of Singapore's money-laundering controls. It also accused Falcon's senior management in Switzerland and Singapore of "improper conduct".

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Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
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