Heng speaks to Malaysian journalists in a dialogue as part of the 14th Malaysian Journalists Visit Programme.
KUCHING: Singapore will continue to work closely and fully cooperate with Malaysia on the investigations into 1MDB, says Singapore Deputy Prime Minister Heng Swee Keat.
Heng, who is also Singapore Finance Minister, told Malaysian media representatives last week, that it was important for the two countries to work together on the basis of the laws and regulations while ensuring said laws were enforced.
“The Monetary Authority of Singapore (MAS) has been cooperating very closely [with Malaysia], as well as with our Commercial Affairs Department because as a financial centre, it is very important for us to maintain the rule of law as well as ensuring that if there is any wrongdoing, that these are not condoned.
“As a result of investigations, I believe that there is a claim of just slightly over SGD50 million (about RM150.58 million) which have been decided by the Court over two tranches,” Heng said.
When asked how much more money linked to the 1MDB scandal would be returned to Malaysia following the SGD50.3 million (about RM151.2 million) announced on July 18 by Singapore police that the country would be returning, Heng declined to comment, only saying that the regulatory authorities would have to work it out.
“The regulatory authorities will have to work through the details on this because we have laws relating to such investigations and it must meet the requirements of the rules and regulations as well as the laws that we have here,” he said.
He also disputed claims that Singapore was a haven for people to park their ill-gotten gains.
“I totally disagree with that — We are members of the Financial Action Taskforce and we have very strict anti-money laundering rules. We are an important financial centre, and maintaining trust in our financial system is crucial.
“So it is not in Singapore’s interest to run a system where it becomes a place for people to park their ill-gotten gains. It is against our principles, it is against our rules, and we enforce it strictly,” Heng stressed.
Meanwhile, when asked if there were any concerns about global recessions, Heng said that a package was ready to help Singapore business and workers should the global economy take a sharp downturn.
“We are already in the late stage of the global economic cycle, and these trade tensions between China and the US are casting a pall on the global economy. But the lessons from the Asian Financial Crisis and the Global Financial Crisis is that none of us can predict the future.
“In fact, with the recent slowdown, our Trade and Industry Minister Chan Chun Sing and I, together with other Ministers, have been discussing. We are ready with a package to help our business and help our workers should the global economy take a sharp downturn,” he divulged.