The Swiss Attorney General’s Office (OAG) has found BSI bank guilty of severe breaches of anti-money laundering laws in connection with the 1MDB corruption scandal in Malaysia.
Two subsidiaries of the fund have contested the penalty and the case is now with the Federal Criminal Court.
The OAG confirmed details of the 1MDB case reported by “Gotham City” news site, stating that BSI failed to implement necessary measures to prevent repeated and serious money laundering between August 2010 and June 2014.
A fine of CHF 4.5 million was imposed on BSI following a six-year investigation and a verdict issued on January 11. BSI has accepted the verdict, unlike the two 1MDB subsidiaries.
The breaches were attributed to several employees, particularly two in the Singapore office.
BSI, now part of EFG International, was formerly known as Banca Svizzera Italiana.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}