29 Jun '17, 6am

Singapore's central bank on 1MDB scandal: 'Naming and shaming' a better deterrent than big fines

Singapore's central bank on 1MDB scandal: 'Naming and shaming' a better deterrent than big fines

"What do we want these fines to achieve? Increasingly, the MAS' approach is to pin responsibility on the individuals who made the mistakes, who are responsible for the lapses and their supervisors," Ravi Menon, MAS managing director, said Thursday. "When you fine a bank billions of dollars, it hurts basically shareholders and other stakeholders. It doesn't hurt the board and senior management, and it doesn't hurt the individuals much. And that is what, in my view, one of the failings of the current regime globally that people continue to do wrong things because they've not been held personally liable and responsible." MAS' investigation into 1MDB fund flows was a key highlight in the central bank's annual report released on Thursday. In addition to penalizing the banks, it also barred several individuals from participating in the Singapore finance industry. Singapore is am...

Full article: http://www.cnbc.com/2017/06/29/1mdb-scandal-singapore-say...

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