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Tuesday, 11 October 2016

Singapore shuts second Swiss bank over 1MDB corruption scandal

Singapore shuts second Swiss bank over 1MDB corruption scandal:

"Authorities in Europe and Asia have cracked down on an Abu Dhabi-owned private bank that allegedly processed almost $4bn linked to Malaysia’s scandal-hit 1MDB state investment fund and sent $681m to the country’s prime minister. 

Switzerland on Tuesday accused Zurich-based Falcon Private Bank of serious anti-money laundering failings and Singapore withdrew its local banking licence over dealings related to alleged large-scale international corruption involving 1MDB. The city state’s monetary authority also separately fined UBS of Switzerland and Singapore’s DBS Bank for 1MDB-linked rule breaches. 

The action is the latest thrust in an escalating regulatory clampdown against financial institutions over the 1MDB affair, as authorities in the US, Switzerland and elsewhere probe claims of multibillion-dollar looting from the fund. Singapore earlier this year ordered BSI, the Swiss private bank, to close its local operation over what regulators branded “the worst case of control lapses and gross misconduct” seen in the city-state’s financial sector. "



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