The Swiss private bank has spoken of its position following a statement from Singaporean authorities about developments in the 1MDB scandal.

Zurich-based Falcon Private Bank says it is cooperating with the Singaporean authorities that are probing banks' ties to 1MDB, the Malaysian state-run fund that is embroiled in controversy about bribery and corruption.

“With reference to the ongoing investigations by the Monetary Authority of Singapore on 1MDB linked institutions and the statement released [yesterday], we would like to reiterate that we are in full cooperation with the authorities. We will comment further when the investigations are complete,” the bank said in an emailed statement.

The statement Falcon refers to is the one issued by MAS yesterday, revealing Singaporean authorities have found “control failings” and other shortcomings at DBS, Standard Chartered, Falcon and UBS in their investigations into possible laundering of money connected to 1MDB. MAS said that other entities were also under scrutiny and that authorities have seized S$240 million ($177 million) of assets.

Meanwhile, US authorities have launched a lawsuit to seize more than $1 billion in assets bought with money intended for the fund. 1MDB was set up by Malaysian prime minister Najib Razak in 2009 with the stated aim of boosting the economy.