SINGAPORE (Aug 13): “We dare not pay ministers a good wage.” — Emeritus senior minister Goh Chok Tong, in response to a suggestion that ministers, who earn at least $1 million, should get a pay cut so that the money can help fund social support for the elderly. Goh explained that he had previously failed to convince certain individuals earning $10 million a year to give up their jobs and join politics.

Here are five things you need to know this week:

1 Former Malaysian prime minister Najib Razak was slapped with three charges of money laundering on Aug 8. He is accused of transferring RM42 million from SRC International, a former 1Malaysia Development Bhd (1MDB) unit, to his personal accounts between December 2014 and February 2015. He has pleaded not guilty to the charges. The case has been transferred to the High Court. The court was told that RM27 million and RM10 million were transferred into one account while RM5 million was transferred into a different account. If convicted, Najib will face a prison term of up to 15 years and a substantial fine of no less than five times the amount of money involved.

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