Singapore Closed Bank Related 1MDB

Singapore - The Monetary Authority of Singapore (Monetary Autority of Singapore or MAS) memerinthakan closure of the Swiss private bank, Bank Falcon, which is associated with 1MDB, Tuesday, October 11th, 2016. It became the first time MAS ordered the closure of a bank within a period of 32 years.
In a statement, MAS said, Falcon Bank showed they did not understand the goals and needs of MAS. It is the latest development in the investigations 1MDB.
Falcon will lose its status as a merchant bank in Singapore. Its manager, Jens Sturzenegger, also was arrested on October 6, 2016.
Source: Republika, Wednesday, October 12th 2016, page 9th

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