Falcon Private Bank Singapore Branch Shut Down Over Money Laundering Concerns

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The financial relationship between Switzerland and Singapore has come under even more pressure than before. Singapore central bank officials forced Falcon Private Bank to shut down immediately. This is a direct result of the ongoing money-laundering operations in the country, and Falcon Private Bank is the second Swiss financial institution forced to close its doors.

The Monetary Authority of Singapore has ordered the local branch of Falcon Private Bank to cease operations immediately. As far as an official explanation goes, there seems to be a “severe misunderstanding” of how the country employs its anti-money laundering policy. Unfortunately, it is not the first time a Swiss bank is caught up in this mess.

The Gig’s Up For Falcon Private Bank

But that is not all, as Falcon Private Bank has domestic legal issues to worry about as well. The Financial Market Supervisory Authority of Switzerland ordered the institution to pay back US$2.56m. All of this funds is allegedly coming from illegal profits, putting the bank in a very negative spotlight. To make matters worse, two company officials are facing legal proceedings for their role in this profit scheme.

The Singapore bank manager of Falcon Private Bank was arrested by local authorities last

Read more ... source: NewsBTC USA

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