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Singapore's central bank on Tuesday said it was kicking out Switzerland's BSI Bank, which has been linked to a global money-laundering scandal that has embroiled neighbouring Malaysia's Prime Minister Najib Razak. In the toughest legal action so far in the crisis rocking Malaysian state fund 1MDB, Switzerland also disclosed it had launched criminal proceedings against the parent firm BSI SA for "deficiencies" in its internal organisation. “BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector," Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said in a statement.
A powerful anti-Western cleric was chosen on Tuesday as the head of Iran's new Assembly of Experts, in a sign that hardliners are still in firm control of the body in charge of choosing the next supreme leader. Ahmad Jannati, 90, is a an outspoken critic of President Hassan Rouhani and his attempts to end Iran's global isolation by normalizing ties with the West. The 88-member assembly, consisting mostly of elderly clerics, is expected to choose the successor to supreme leader Ayatollah Ali Khamenei, who is 77 and rumored to be in frail health.
HANOI, Vietnam (AP) — President Barack Obama on Tuesday pressed Vietnam to allow greater freedoms for its citizens, arguing that better human rights would improve the communist country's economy, stability and regional power.