News by tag: 1MDB

21.12.2017

Swiss watchdogs discovered shortcomings at JPMorgan over 1MDB scandal

Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of U.S. bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB, Reuters reported. The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States.

 
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19.12.2017

1MDB scandal is not over: Singapore bans two more people involved in the case

Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd., taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund, Blooomberg reported on Tuesday. The Monetary Authority of Singapore issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former chief executive officer of NRA Capital Pte, it said Tuesday.

 
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05.12.2017

1MDB scandal is the perfect example of kleptocracy, US attorney says

The United States has called the 1Malaysia Development Berhad (1MDB) scandal "kleptocracy at its worst", just as Prime Minister Najib Razak is preparing to rally Malaysia's ruling party at its last national congress before a general election due within months. Speaking at the Global Forum on Asset Recovery hosted by the US and UK in Washington, US Attorney General Jeff Sessions said on Monday that the Department of Justice (DOJ) "is working to provide justice to the victims of this alleged scheme".

 
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03.11.2017

1MDB scandal: Singapore police investigates Goldman Sachs, Bloomberg reported

After punishing six bankers, Singapore is now investigating Goldman Sachs Group Inc’s relationship with 1MDB – the Malaysian investment fund at the centre of global money laundering probes. Bloomberg reports today that the island republic’s Commercial Affairs Department, the police’s economic crime unit and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Berhad. 1MDB is a multi-billion national investment board for Malaysia that is aimed on encourage economic development and business creation.

 
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12.07.2017

Singapore sentenced former BSI banker over 1MDB scandal

Former BSI banker Yeo Jiawei was on Wednesday sentenced to four-and-a-half years jail for money laundering and cheating, in a case linked to an investigation involving Malaysian state fund 1Malaysia Development Berhad (1MDB). Yeo, 34, had set up multiple suspicious transactions involving 1MDB, and admitted he secretly profited at least $3.5 million from the illicit transactions. He laundered a portion of the money by transferring at least $500,000 into his parents' bank account.  Prosecutors identified Yeo as a central figure linked to Malaysian financier Low Taek Jho, who was characterised by US investigators as the controller of a plan to drain billions from 1MDB.

 
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16.06.2017

1MDB scandal: US Justice to recover a Picasso between stolen assets

US authorities on Thursday moved to seize another $540 million in assets allegedly stolen in the 1MDB fraud and used to fund extravagant spending, the Justice Department announced. “Today’s complaints reveal another chapter of this multi-year, multi-billion-dollar fraud scheme, bringing the total identified stolen proceeds to $4.5 billion,” acting US Assistant Attorney-General Kenneth Blanco said in a statement.

 
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30.05.2017

Singapore fined Credit Suisse, UOB after 1MDB probe

Singapore said Tuesday it had fined Credit Suisse and United Overseas Bank (UOB), a local lender, for breaches of the city-state's anti-money laundering laws relating to a corruption scandal at Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS), the country's central bank, said it also imposed lifetime bans on two bankers and a 15-year prohibition order on a third following a two-year review of lenders involved in 1MDB-related transactions.

 
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05.04.2017

Swiss watchdog FINMA: it isn't game over for 1MDB investigations

Swiss financial body FINMA said on Tuesday it had discontinued its investigation into UBS Group in connection with Malaysia's scandal-tainted 1MDB fund. "FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand," the swiss watchdog wrote in a statement following its annual media conference. Three cases remain unresolved, Finma added in a statement. A case against UBS was closed recently and the bank, Switzerland’s largest, was reprimanded with no further action to be taken, the watchdog said.

 
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24.03.2017

Falcon Bank hit big loss for 1MDB scandal

Falcon Private Bank, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, lost 128 million Swiss francs ($130 million) last year, as it reported in the statement on Thursday. Last October the Monetary Authority of Singapore (MAS) ordered the closure of its Singapore branch  due to anti-money laundering (AML) failings in connection with 1MDB. The bank paid a composition fine of $300,000  for breaches of AML requirements and the regulator told the bank to strengthen its controls. 

 
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13.03.2017

1MDB scandal: former Goldman Sachs banker banned by Singapore

Singapore banned former Goldman Sachs Group Inc. banker Tim Leissner from the securities industry for 10 years and said it plans to issue similar orders against three others caught up in the scandal surrounding 1Malaysia Development Bhd. Leissner, who left Goldman Sachs in February 2016, was sanctioned because he issued an unauthorized letter to a financial institution and made false statements on behalf of the U.S. bank without its knowledge, the Monetary Authority of Singapore said in a statement Monday. The central bank had signaled its intention to ban Leissner last year.

 
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