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Singapore banks tighten control after oil trade scandals

28 banks in Singapore introduce a new code of best practices aimed at ensuring that banks can assess risks and other factors when they finance the city state's massive commodities market. This comes after several large oil trade scandals.

Major oil scandals this year at several of Singapore's commodity traders now have 28 of the city states banks introduce a tighter code of best practices.

The code will help ensure that the banks, some of the world's largest, fully understand the risks, governance and business models used in Singapore's large commodities market.

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