SINGAPORE, Singapore authorities are prepared to lend assistance to their Malaysian counterparts in the investigations into the scandal-plagued state fund 1Malaysia Development Bhd (1MDB), Channel NewsAsia reported today.

The portal was quoting a statement by the Monetary Authority of Singapore (MAS) and Commercial Affairs Department (CAD).

"The Singapore authorities have cooperated extensively with their Malaysian counterparts on their past requests for information in relation to 1MDB-related transactions and are fully prepared to extend further assistance," the agencies said.

Singapore has also taken "swift action" against financial institutions and individuals who have broken laws within the country's jurisdiction in connection with 1MDB-related fund flows, they said.

Meanwhile, the Malaysian government would contact several countries to recover the allegedly misappropriated funds from 1Malaysia Development Bhd (1MDB), said Prime Minister Dr Mahathir Mohamad.

He said it was important for the government to recover the remaining money in Switzerland, Singapore, the United States and perhaps in Luxembourg, with an estimated of US$4.5 billion in the United States.

Source: NAM News Network