FINMA FINES COUTTS OVER MALAYSIAN SOVEREIGN WEALTH FUND LAUNDRY CONCERNS
February 1st, 2017
THE SWISS Financial Market Supervisory Authority (FINMA) has ordered London-based bank Coutts & Co Ltd to disgorge unlawfully generated profits of Swiss francs CHF6.5 million (USD6.5 million) for breaching money laundering regulations over its dealings with Malaysian sovereign wealth fund 1MDB.
Malaysian Prime Minister Najib Razak has been under pressure over allegations (which he denies) that he personally profited from the fund, with the US Department of Justice (DoJ) seeking to recover more than USD1 billion in “misappropriated assets” from the ...
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