Singapore MAS Chairman Lawrence Wong on Ex-Formula 1 CEO Bernie Ecclestone S$650 Million Trust in Singapore Bank Account: Singapore Cooperating with UK Authorities on Investigation & Prosecution of Bernie Ecclestone, Bank Account Subjected to Enhanced Monitoring with All Transactions Flagged for Scrutiny & Approval Since 2013
4th August 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on former Formula 1 CEO Bernie Ecclestone S$650 million trust in Singapore bank account – Singapore cooperating with UK authorities on investigation & prosecution of Bernie Ecclestone, bank account subjected to enhanced monitoring with all transactions flagged for scrutiny & approval since 2013. Singapore MAS Chairman Lawrence Wong: “We can confirm that the Monetary Authority of Singapore (MAS), Singapore Police Force (SPF) and Attorney General’s Chambers (AGC) have worked closely with UK authorities on their investigation and prosecution of Mr Ecclestone. In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case … … In 2017, MAS conducted an inspection of the bank cited in recent media reports, to assess its controls for mitigating money laundering and terrorist financing risks. During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Mr Ecclestone. While MAS found that there was room for improvement in the bank’s anti-money laundering processes, it did not find gaps or weaknesses that were systemic in nature. MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval.” In 2022 August, former Formula 1 CEO & British billionaire Bernie Ecclestone (Age 92) had been charged in court (pleaded not guilty) for failing to declare a S$650 million (£400 million) trust fund in Singapore between 2013 to 2016. The charge was filed by United Kingdom (UK) HM Revenue & Customs. According to the charge in court, Bernie Ecclestone had disclosed only 1 trust to tax authorities and is not the beneficiary of the trust, or any other trust. Bernie Ecclestone had been granted bail, with the (next) hearing on 18th September 2022. Bernie Ecclestone is most known for leading Formula 1 for more than 40 years (1970s to 2017), and is a billionaire with an estimated net worth of more than $3 billion. See below for more info.
“ Singapore Cooperating with UK Authorities on Investigation & Prosecution of Bernie Ecclestone, Bank Account Subjected to Enhanced Monitoring with All Transactions Flagged for Scrutiny & Approval Since 2013 “
Singapore MAS Chairman Lawrence Wong on Ex-Formula 1 CEO Bernie Ecclestone S$650 Million Trust in Singapore Bank Account
8th August 2023
Ms Chua Kheng Wee Louis: To ask the Prime Minister in relation to the UK trial of Bernie Ecclestone that allegedly involves undisclosed assets of USD 650 million in a Singapore bank, whether MAS is satisfied with the anti-money laundering precautions that have been put in place at the bank.
Ms He Ting Ru: To ask the Prime Minister (a) whether the Government has received any requests from the UK law enforcement agencies regarding the case involving former Formula One CEO and Chairman Emeritus Bernie Ecclestone’s alleged failure to declare to the UK government a trust in Singapore of about S$650 million in a bank account; and (b) if yes, what assistance has been provided.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. Ms He asked if the Singapore Government has received any requests from UK law enforcement agencies in relation to the case involving former Formula 1 boss Bernie Ecclestone. It is our policy, in line with international practice, not to comment on whether a foreign government has made a request for legal assistance on specific cases.
2. That said, we can confirm that the Monetary Authority of Singapore (MAS), Singapore Police Force (SPF) and Attorney General’s Chambers (AGC) have worked closely with UK authorities on their investigation and prosecution of Mr Ecclestone. In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case.
3. In 2017, MAS conducted an inspection of the bank cited in recent media reports, to assess its controls for mitigating money laundering and terrorist financing risks. During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Mr Ecclestone. While MAS found that there was room for improvement in the bank’s anti-money laundering processes, it did not find gaps or weaknesses that were systemic in nature. MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval.
4. MAS will continue to work with financial institutions to ensure that our financial sector’s defences against financial crime remain robust.
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