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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Swiss bank ‘moved’ $US3.8bn for 1MDB

Posted on 14 October 2016

Switzerland’s Office of the Attorney-General has expanded its scrutiny of Malaysian public investment fund 1Malaysia Development, or 1MDB, by opening a criminal investigation into a small Swiss lender recently penalised for its ties to the fund.
The Swiss lawyer general’s ­office said that internal “deficiencies” at Zurich-based Falcon ­Private Bank might have caused it to fail to prevent alleged money laundering associated with 1MDB. The Swiss authorities opened a broad 1MDB investigation last year, and have previously said they placed another Swiss bank, BSI, under a related criminal probe. The status of that investigation remains unclear……………………………………..Full Article: Source


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