Singapore stalling Falcon Bank and other 1 MDB related investigations to avoid prosecuting Najib
by Ganesh Sahathevan

Hsien Loong and Najib
The Singapore Government's investigation into Falcon Bank and other 1 MDB related matters is said to have been stalled by the Government so as to avoid the complication of prosecuting or implicating in a prosecution a sitting head of government, particularly one from an ASEAN country.
The above information from sources familiar with the communications via highly placed back channels explains why Singapore has not acted against Falcon Bank even though it has already taken very stern measures against BSI, the other Swiss private bank involved in the 1 MDB matter.
Readers will recall that Falcon Bank has been directly involved in the flow of funds from 1 MDB to PM Najib Razak. In addition it has as its chief investment officer a person who is unlikely to have ever been approved by the Singapore Ministry of Finance to work in the Singapore financial sector.
It is the Singapore Government's own words and actions against BSI that raised questions about its lack of action against Falcon.
Mr Ravi Menon, Managing Director, MAS, said, “BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector. It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously. Controls need to be robust, surveillance vigilant, and the management culture must emphasise professional integrity and risk consciousness.”
Hsien Loong and Najib
The Singapore Government's investigation into Falcon Bank and other 1 MDB related matters is said to have been stalled by the Government so as to avoid the complication of prosecuting or implicating in a prosecution a sitting head of government, particularly one from an ASEAN country.
The above information from sources familiar with the communications via highly placed back channels explains why Singapore has not acted against Falcon Bank even though it has already taken very stern measures against BSI, the other Swiss private bank involved in the 1 MDB matter.
Readers will recall that Falcon Bank has been directly involved in the flow of funds from 1 MDB to PM Najib Razak. In addition it has as its chief investment officer a person who is unlikely to have ever been approved by the Singapore Ministry of Finance to work in the Singapore financial sector.
It is the Singapore Government's own words and actions against BSI that raised questions about its lack of action against Falcon.
Mr Ravi Menon, Managing Director, MAS, said, “BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector. It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously. Controls need to be robust, surveillance vigilant, and the management culture must emphasise professional integrity and risk consciousness.”
to KL from Singapore during the Chinese New Year holidays. Clearly negotiations have been going on in earnest and it is becoming clearer that all involved are doing whatever they can to avoid prosecuting Najib.However, with so many tentacles, one can never tell what this beast might do, and from where. 1 MDB is light years ahead of anything Singapore had in place with, for example the Burmese junta; or with Nuri Holdings.
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