ECONOMY | Staff Reporter, Singapore

Malaysia and Singapore to meet up for 1MDB probes

New PM Mahathir vowed to uncover the company's white-collar crimes.

Bloomberg reports that Malaysia has reached out to Singapore for the probe of state investment company 1Malaysia Development Bhd (1MDB) following the election of prime minister Mahathir Mohamad.

Singapore police confirmed to Bloomberg that Malaysia has sought their assistance for investigations related to 1MDB and that they will meet in Kuala Lumpur.

Malaysia is under hot water for the large extent of money laundering that occurred through 1MDB. Regulators from US and Europe have complained previously that Malaysia lacked cooperation for investigations related to the state investor. However, Mahathir, upon his election victory, vowed to expose the extent of the crime.

A member of Malaysia’s 1MDB task force formed to coordinate the probe couldn’t immediately comment when reached by phone. A spokesman for Malaysia’s anti-graft commission declined to comment when asked to confirm the meeting.

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