Singapore says has seized S$240 million in assets in 1MDB-related probe

SINGAPORE (Reuters) - Singapore authorities have seized assets worth S$240 million in an investigation of 1MDB-related fund flows for possible money laundering, in a probe which has found "deficiencies" at several major banks in the city-state.

"The fund flows being investigated include those connected with Good Star Limited (Seychelles), Aabar Investments PJS Limited (BVI), Aabar Investments PJS Limited (Seychelles), and Tanore Finance Corp. (BVI)," said a joint statement by the Monetary Authority of Singapore, the Attorney-General's Chambers and the Commercial Affairs Department.

The Monetary Authority of Singapore said it has completed its inspections of DBS, Standard Chartered and UBS and preliminary findings showed instances of "control failings" in all three banks and "weaknesses in the processes for accepting clients and monitoring transactions.

"There was also undue delay in detecting and reporting suspicious transactions," the statement said.

(Reporting by Marius Zaharia. Editing by Bill Tarrant)