Singapore Seizes $175M in 1MDB Probe

The transcript discusses the unraveling situation involving Malaysian Prime Minister Najib Razak and the 1MDB scandal. The Malaysian opposition is calling for Razak's resignation following US prosecutors' actions to seize assets worth about a billion dollars. Key individuals, including Reza Aziz and Jho Low, are mentioned, along with companies like Red Granite Pictures. Singapore has seized millions more connected to the probe, highlighting failures in money laundering controls by several banks. Singapore regulators are finalizing inspections and plan to take firm actions against the banks involved.

What is the significance of the assets worth about a billion dollars mentioned in the text?

What measures are being taken by Singapore regulators against the banks involved?