1MDB is at the centre of a global Corruption investigation.
The local units of Standard Chartered and UBS, Southeast Asia's biggest lender DBS and Falcon Bank were all found to have "lapses and weaknesses in anti-Money Laundering controls".
Singapore has withdraw the licence of the Swiss Bank BSI because of massive breach of money laundering regulations. For the same reason the Swiss federal prosecutors has opend a criminal case against the bank.
International organisations that investigate financial secrecy warn that Panama is not even in the top 10 countries with the least financial transparency
The Panama Papers is a global investigation into the sprawling, secretive industry of offshore that the world’s rich and powerful use to hide assets and skirt rules by setting up front companies in far-flung jurisdictions.
Based on a trove of more than 11 million leaked files, the investigation exposes a cast of characters who use offshore companies to facilitate bribery, arms deals, tax evasion, financial fraud and drug trafficking.