The Justice Department announced today the filing of civil forfeiture complaints seeking the forfeiture and recovery of approximately $38 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund.  Combined with civil forfeiture complaints filed in July 2016 seeking more than $1 […]

Yeo Jiawei, a former banker serving the longest jail term in Singapore’s 1MDB investigations, admitted to charges including money laundering. Yeo played a role in the transactions involving the fund and made secret profits on the side, prosecutors said. Yeo, who also pleaded guilty to cheating his former employer, agreed to help with Singapore’s money-laundering […]

Swiss Attorney General, Michael Lauber said on Wednesday that his money laundering investigation into Malaysian fund 1MDB was making progress despite Malaysian authorities’ refusal to cooperate. http://reut.rs/2p9x6ON Combing through money laundering reports and bank documents with help from Singapore, Luxembourg and the United States was bearing fruit for his office, the OAG, he said. “It’s not hopeless, […]

Switzerland’s financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to combat the growing risk of corruption linked to assets from around the world. The authority, FINMA, said Tuesday that “serious shortcomings” came to light in 2016, including major cases involving; […]

Swiss national Jens Fred Sturzenegger, the branch manager for Falcon Private Bank in Singapore, has been charged with failing to report suspicious transactions and giving false information to authorities in connection with the scandal-plagued 1MDB Malaysian state wealth fund. 1MDB is currently under investigation in several countries after allegations arose that it was used to transfer state […]

The US Department of Justice (DOJ) has detailed in its lawsuit what it described as the “three principal phases” of money-laundering through the troubled Malaysian state fund 1MDB. The first phase is called the ‘Good Star phase’, the second phase is the ‘Aabar BVI phase’ and the third phase is the ‘Tanore phase’. Under the […]

The Monetary Authority of Singapore (MAS) has imposed multi-million dollar fines on the Singapore branches of Standard Chartered bank and Coutts & Co for breaching anti-money laundering regulations in relation to 1MDB-related fund flows through these banks, MAS said in a release on Friday (Dec 2). StanChart was fined S$5.2 million and Coutts was fined […]

Last month Singapore revealed it had seized nearly $180 million in assets through its investigations into suspected fraud and money-laundering linked to 1MDB. Singapore will step up the fight against money-laundering with a newly created surveillance unit and data tracking, but private banks must take the lead, its chief financial regulator said Tuesday. Ravi Menon, […]