Singapore's central bank has censured 20 banks for attempting to rig benchmark interest rates.

The Monetary Authority of Singapore (MAS) found that 133 traders had tried to influence the rates in an echo of the 2012 US/UK Libor rigging scandal.

Some of the cases have been referred to the police, and the city-state's Attorney General Chambers.

UBS, Royal Bank of Scotland and ING have been told to set aside funds of over S$1bn (£500m; $800m) each.

Another 16 banks have also been ordered to set aside lesser amounts, including Barclays, Deutsche Bank, JP Morgan and HSBC, as statutory reserves at the MAS.

They will keep on doing it as long as people let them, or the punishment represents an acceptable price for the profit made. Until some of them end up spending a significant chunk of their lives in jail, nothing will change.