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Entries in Singapore (72)

Wednesday
Sep282016

Singapore: Strong AML laws, weak enforcement

Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force

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Friday
Aug122016

At Singapore's Keppel Corp, did the C-suite approve big bribes?

A former Keppel Corporation agent has reportedly accused the company's executives of authorizing him to pay bribes to Brazil officials in an effort to win Petrobras contracts. 

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Friday
Jul222016

Shah and Grant: How to steal billions

From 2009 to at least 2013, private individuals were allegedly able to siphon off more than $3.5 billion from the wealth fund of Malaysia and go on a high-end luxury shopping spree in several countries including the United States, the United Kingdom and Switzerland for property, museum-quality art and a private jet. 

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Thursday
Jul212016

Singapore seizes $177 million linked to 1MDB, cites AML lapses at UBS, Stanchart, DBS and Falcon

Singapore said Thursday it has seized property and bank accounts linked to money allegedly diverted from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

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Wednesday
Jul202016

What did the alleged 1MDB looters buy with $1 billion? Here's the list

The DOJ alleged in a civil forfeiture complaint Wednesday that officials at Malaysia's sovereign wealth fund 1MDB and the step son of the Malaysia prime minister diverted more than $3.5 billion from the fund.

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Friday
Jun242016

DoD civilian employee pleads guilty to bribery in Fat Leonard case

A former Department of Defense (DoD) senior contracting official pleaded guilty Thursday to taking bribes from Leonard Glenn Francis -- also known as Fat Leonard -- the owner of Singapore-based Glenn Defense Marine Asia.

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Friday
Jun102016

Admiral pleads guilty to lying in Fat Leonard bribery scandal

The highest-ranking U.S. Navy officer to be charged in the massive bribery-for-secrets case that has shaken the Navy's command structure in the Pacific pleaded guilty Thursday in federal court to lying to investigators and destroying evidence.

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Monday
May302016

Three more U.S. Navy officers charged in ‘Fat Leonard’ bribes-for-secrets case

Leonard Glenn Francis, also known as Fat LeonardThree senior Navy officers -- two of them active and one retired -- were charged in documents unsealed Friday for their roles in a massive bribery scheme involving a Singapore-based contractor that compromised U.S. national security.

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Wednesday
May252016

1MDB Scandal: Singapore closes BSI Bank for ‘serious AML breaches and gross mismanagement’

Singapore shut down the local operations of Swiss-based BSI Bank Tuesday and named six bankers suspected of possible criminal conduct in connection with the handling of a Malaysian government fund.

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Tuesday
Mar222016

Singapore man jailed five years in Fat Leonard prosecution

A former executive of a Singapore-based defense contracting firm was sentenced to 63 months in federal prison Friday for his role in defrauding the U.S. Navy of $34 million for ship husbanding services.

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Tuesday
Feb022016

Singapore seizes bank accounts linked to Malaysia sovereign wealth fund

The Singapore Commercial Affairs Department and the Monetary Authority of Singapore said Monday they have seized a "large number" of bank accounts linked to a money laundering investigation involving the Malaysia state investment fund 1MDB.

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Monday
Jan252016

Navy petty officer is first of nine defendants sentenced in Fat Leonard bribe scandal

A U.S. Navy Petty Officer First Class was sentenced to 27 months in prison for accepting cash, electronic gadgets, and travel expenses from a Singapore-based defense contractor in exchange for providing classified U.S. Navy information.

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