Singapore police freeze bank accounts in Singapore in related to 1MDB investigations

Two bank accounts in Singapore have been frozen by the Singapore Police Force as part of an investigation into alleged money laundering as part of the 1Malaysia Development Berhad (1MDB) scandal unfolding in Malaysia.

The Business Times reported on Wednesday morning that the police froze the two accounts on 15 July under Section 47 of the Corruption, Drug Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of benefits) Act, Chapter 65A.

“We understand that the Malaysian authorities have launched investigations into certain matters related to 1MDB,” said the police statement to The Business Times. “Singapore will continue to provide our full assistance and share information with the relevant authorities in Malaysia, within the ambit of our laws and international obligations.”

The 1MDB saga has seized headlines across the Causeway in Malaysia, particularly after publications like the Wall Street Journal, The Edge and Sarawak Report alleged that some US$700 million were being transferred to Prime Minister Najib Razak’s bank account through entities related to the development company.

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