Wed06282017

LAST_UPDATEFri, 30 Jun 2017 8am

1MDB: Bank Negara Confirms Receiving Singapore Counterparts Report

Pic:BernamaPic:BernamaKUALA LUMPUR: Bank Negara Malaysia (BNM) today confirmed receiving a report on 1Malaysia Development Bhd (1MDB) from the Monetary Authority of Singapore (MAS).

"They have announced sending the report to us. Yes, we did receive it," BNM Governor Tan Sri Dr Zeti Akhtar Aziz, said here today.

She was responding to a question on whether BNM had received the MAS report on 1MDB, particularly in relation to BSI Singapore.

Zeti said this at a press conference on the release of the Labuan Financial Services Authority (FSA) Annual Report 2014 here today.

It was earlier reported that MAS was in touch with Malaysia's regulators over investigations into 1MDB.

According to the report, MAS has also said that it was fully committed to assisting within the full ambit of its laws.

"The information will be extended to other agencies under Malaysia's jurisdiction," Zeti said, adding, the findings were highly confidential.

Asked if MAS had notified BNM that there was no cash being held by 1MDB in BSI Bank Singapore as alleged, she said: "We can’t comment on an individual entity.

"I have already stated that the international community will not cooperate with us if we release the information extended. Therefore, it will stop all investigations if we talk about it."

She said the arrangement is to maintain confidentiality.

To another query on whether 1MDB's loan default could possibly threaten Malaysia's banking system, Zeti said in general, when any entity took a loan from banks here exceeding RM2 billion, they would be on the watch list of the central bank to assess any systemic risk to the banking system.

Stress tests are regularly conducted and so far, banks in Malaysia have proven to be well-capitalised and financially sound, she reiterated.


- Bernama