Singapore ready to extend help on 1MDB probe

The Singapore authorities are fully prepared to extend further assistance to their Malaysian counterparts on transactions related to scandal-plagued state fund 1Malaysia Development Berhad (1MDB), the Commercial Affairs Department and the Monetary Authority of Singapore (MAS) said in a statement on Wednesday.

"The Singapore authorities have cooperated extensively with their Malaysian counterparts on their past requests for information in relation to 1MDB-related transactions, and are fully prepared to extend further assistance.

Singapore has also taken swift action against financial institutions and individuals who have broken laws within our jurisdiction in connection with 1MDB-related fund flows," they said in the joint statement, issued in response to media queries.

At a press conference later yesterday, Malaysian Prime Minister Mahathir Mohamad said Malaysia would contact the authorities in Switzerland, Singapore, the United States and elsewhere to recover 1MDB funds that were misappropriated under former prime minister Najib Razak's administration.