29.06.201705:40:00UTC+00Singapore Central Bank Says Naming, Shaming Better than Fines in 1MDB Scandal

For Singapore's central bank, publicly identifying and reproaching those responsible for financial mishaps creates a profound impact than slapping them with huge fines on the banks which employ them.

The MAS justified Thursday its action on the 1MDB crisis, saying the fine affects investors and other stakeholders, but it does not hurt the involved individuals, the board, and the management.

Singapore is one of the countries that launched investigations into accusations that almost $700 million had been embezzled from Malaysia's state fund into Prime Minister Najib Razak's own bank account.

Last month, the MAS concluded a two-year evaluation of banks connected to 1MDB. It slapped eight financial institutions with almost S$30 million ($21.7 million) fine.