Hornbill Unleashed

October 11, 2016

Swiss watchdog sanctions Falcon bank in 1MDB case

Filed under: Politics — Hornbill Unleashed @ 9:01 PM

falconSwitzerland’s Financial Market Supervisory Authority (Finma) has sanctioned Falcon Private Bank Ltd after it “seriously breached” money-laundering regulations over its handling of funds linked to scandal-hit Malaysian state investment fund 1MDB.

The Swiss financial watchdog ordered Zurich-based Falcon, owned by Abu Dhabi’s International Petroleum Investment Co (Ipic), to turn over 2.5 million Swiss francs (£2.06 million) in what the watchdog said were illegal profits.

It also said it has opened enforcement proceedings against two former Falcon executives, without citing them by name.

The news comes as Singapore directed Falcon to cease operations in the city-state and fined top local lender DBS Bank and UBS AG over lapses in its biggest crackdown on entities dealing with 1MDB.




  1. Nazir said no such thing is happening in Malaysia. lol.

    Comment by Zuan — October 13, 2016 @ 11:15 AM | Reply

  2. Global investigators on 1MDB financial scandals had amassed tons of evidence to prove that there were elements of frauds, money laundering and emblazement commited by Malaysians. Including MO1, Singaporean, American and Swiss bankers and Arab nationals but our fuking corrupted AG, IGP, MACC and BNM governor chose to be blind, deaf and dumb.

    Comment by Awaken Dayak — October 12, 2016 @ 7:13 PM | Reply

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