SINGAPORE — The Republic issued arrest warrants for Malaysian financier Low Taek Jho, better known as Jho Low, and his close business associate Tan Kim Loong two years ago, the Singapore authorities said on Friday (June 8) after meeting a Malaysian taskforce investigating state fund 1Malaysia Development Berhad (1MDB).

The Interpol, at Singapore's request, published "red notices" for the two wanted men in October 2016, according to a joint statement from the Attorney-General's Chambers (AGC), Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS). An Interpol red notice is the closest instrument to an international arrest warrant.

Mr Low has been portrayed by United States prosecutors as a central figure in the plot to embezzle money from 1MDB, and was named as a "key person of interest" by the Singapore authorities in November 2016. Mr Tan is allegedly the stated beneficial owner of several bank accounts into which misappropriated 1MDB funds were transferred.

Malaysian Prime Minister Mahathir Mohamad, who has vowed to get to the bottom of an alleged multi-national billion-dollar fraud at 1MDB, told a press conference on Friday that Mr Low was not in a country with which Malaysia has an extradition treaty.

“We are trying to arrest Jho Low. But he isn’t in the country and we don’t have extradition rights in the country he is in. They have investigated his involvement in 1MDB and it is on those grounds he will be arrested,” Dr Mahathir added. He gave no further details.

In their joint statement, the Singapore authorities said Mr Low and Mr Tan "are suspected to have committed offences in Singapore and cannot be located here", adding that all Interpol member countries, including Malaysia, would have been aware of the red notices when they were published.

Red notices are not publicly available and are restricted to law enforcement use only, according to the Interpol. The statement by the Singapore authorities did not say why the April-May 2016 arrest warrants for Low and his associate were not publicly disclosed earlier.

Media reports on Thursday said the Malaysian authorities have also issued an arrest warrant for Mr Low, and are preparing to take similar action against several others connected to the probe of 1MDB, which was set up in 2009 by former Malaysian premier Najib Razak.

On Thursday, Singapore officials met the Malaysian 1MDB taskforce in the Republic. It was their second meeting in as many weeks, following an earlier one on May 31 in Kuala Lumpur.

The Singapore authorities described the meeting with the Malaysian taskforce, led by former Malaysian Attorney-General Tan Sri Abdul Gani Patail, as a "productive meeting, with a fruitful exchange of information".

"Singapore has been providing Malaysia information on 1MDB-related fund flows, since March 2015, and this was acknowledged by Malaysia. Both sides agreed to continue this co-operation," according to the joint statement from Singapore.

It added: "Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. We have taken strong action against financial institutions and individuals who have broken laws within our jurisdiction in connection with 1MDB-related fund flows, including criminal charges and convictions, as well as large financial penalties.

"Investigations are continuing into several other individuals suspected of being involved in 1MDB-related offences in Singapore."

In July 2016, Singapore authorities seized bank accounts and properties from individuals totalling S$240 million following investigations into 1MDB, with about half of these assets owned by Mr Low and his immediate family.

Singapore has also ordered two Swiss private banks to shut, fined other large banks, seized assets and banned at least eight people from the finance industry for their actions on 1MDB-related transactions. Singapore authorities said this month they have co-operated extensively with their Malaysian counterparts on past requests for information on 1MDB.

Mr Low is a long-time friend of former Malaysian Prime Minister Najib's stepson Riza Aziz. Mr Low, who has denied breaking any laws, had previously said that he provided consulting services to 1MDB.

Mr Najib's government and 1MDB have repeatedly insisted all its funds were accounted for.