The Monetary Authority of Singapore (MAS), the Singapore Police Force (SPF) and the Attorney General's Chambers (AGC) have worked closely with the UK authorities on their investigation and prosecution of former F1 chief, Bernie Ecclestone, according to Finance Minister Lawrence Wong.

Ecclestone is currently under investigation for allegedly failing to declare a trust holding over £400 million (S$682.7 million) in a bank account in Singapore, according to UK media The Independent.

Wong gave his statement in a written reply in Parliament on Aug. 2, in response to questions raised by Workers' Party (WP) Members of Parliament (MPs) He Ting Ru and Louis Chua about whether the government has received requests from the UK about the case, and anti-money laundering precautions that have been put in place.

Wong added, "In fact, Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case."

Wong also pointed out that it is Singapore's policy, in line with international practice, to not comment on whether a foreign government has made a request for legal assistance on specific cases.

MAS inspected the bank named in Ecclestone's case in 2017

As for anti-money laundering precautions, Wong highlighted that in 2017, MAS conducted an inspection of the bank cited in reports about Ecclestone's case.

This inspection was to assess the bank's controls for mitigating money laundering and terrorist financing risks.

During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Ecclestone, Wong highlighted.

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, he said.

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, Wong added.

The Finance Minister concluded, "MAS will continue to work with financial institutions to ensure that our financial sector’s defences against financial crime remain robust."

Top photo by Rainer W. Schlegelmilch/Rainer Schlegelmilch via Getty Images