Swiss AG Has Frozen Over A Hundred 1MDB Related Bank Accounts ! ! - From around the Blogs

Swiss AG Has Frozen Over A Hundred 1MDB Related Bank Accounts ! !

The Swiss AG's Annual Report is available at the website of the Office of the AG, Switzerland. There is an English version.   You can read the English version of the full report here.

 Here is an excerpt :

Here is that part of the Swiss AG's Annual Report 2016 which talks about 1MDB.

3.8 1MDB criminal investigation

On the basis of the finding that the Swiss financial services  hub was affected by the financial scandal of which  the Malaysian sovereign fund 1 MALAYSIA DEVELOPMENT
BERHAD (1MDB) is supposed to have fallen victim,  the OAG instigated an investigation in August 2015.
 

Within the framework of improper financial operations,  several billion USD is said to have been embezzled at  the expense of that fund, with the operations branching
out into Singapore, Luxembourg, the US and Switzerland.
 

This case has caused great furore in the media  due to the scope of the fraud, the involvement of certain  banks (suspicion of breach of obligations in the area of combating money laundering) and the likely involvement  of executives of 1MDB and the sovereign wealth fund of  Abu Dhabi in the misappropriation of the funds.
 

The Swiss investigation, which was instigated on  the suspicion of fraud, bribery and money laundering, is  directed against Malaysian officials and officials of the  United Arab Emirates, who each held several bank accounts  in Switzerland to which funds from a criminal  origin allegedly flowed. 

Since 2015, the MROS has reported  about one hundred suspicious accounts to the  OAG in connection with this international case of fraud.  The OAG has frozen several tens of millions of USD as  part of a seizure. 

At the international level, the OAG has  noted the refusal of Malaysia to execute its request for  legal assistance, whose aim was to clarify the facts and  collect evidence in Malaysia. 

However, the OAG is investigating  in close co-operation with the authorities of  other countries that are affected by this case and welcomes  the effectiveness and speed of this co-operation.  (Malulah Malaysia)
 

As regards the financial intermediaries affected by  this scandal, the OAG instigated on the basis of Article  102 para. 2 Swiss Criminal Code (responsibility of the  company) separate investigations into two Swiss banks.  They are being suspected of failing to take all necessary  and reasonable organisational precautions to prevent the  commission of acts of money laundering within the bank.

 

Both banks have been fined by FINMA. In particular,  FINMA ordered the seizure of the profits, which had  been generated in violation of the anti-money laundering regulations. The corresponding orders were contested,  and the Federal Administrative Court will have  to rule on this.


My comments :  The fat lady has not sung yet.

http://syedsoutsidethebox.blogspot.fr/