Wednesday, 19 August 2015

Switzerland's FINMA looking into possible Swiss connection to 1MDB

Posted by Unknown on 15:35 No comments
ZURICH, Aug 19 (Reuters) - Swiss financial regulator FINMAis checking with some of the country's banks on whether theycarried out business with Malaysia's troubled state investmentfund 1Malaysia Development Berhad (1MDB), a spokesman said o1MDB, whose advisory board is chaired by Prime MinisterNajib Razak, was the subject of a probe by Malaysia's centralbank which was completed earlier this month. The fund has beendogged by controversy over its $11 billion debt and allegedfinancial mismanagement.nWednesdayhe Wall Street Journal reported in July that investigatorslooking into 1MDB had traced nearly $700 million that moved froman account at Swiss-based Falcon Private Bank in Singapore intoaccounts in Malaysia they believed belonged to the primeminister.
Falcon has said previously it was in contact with theMonetary Authority of Singapore (MAS) and would be fullytransparent with the authorities.
"FINMA is in contact with several banks about this matter,"the spokesman said. "In the framework of our supervisory role,we are clarifying whether and to what extent banks are involvedand how the terms of Swiss regulatory law were implemented."
The regulator would not comment on the details of itssupervisory activity or on individual names it was looking into,the spokesman 
added.
Earlier this year, MAS also said it was in touch withMalaysian regulators after Malaysia's government said 1MDB hadredeemed $1.1 billion from the Cayman Islands and parked it inthe Singapore unit of Swiss private bank BSI.
Representatives for Falcon and BSI did not immediatelyrespond to requests for comment on the FINMA spokesman'sremarks. ( REUTERS)

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