Legal
Swiss Authorities Probe Alleged Role Of Country's Banks In Malaysia Corruption Scandal
A large corruption scandal in Malaysia has led to Swiss banks being investigated for allegedly handling money associated with the affair.
Swiss legal authorities are probing the alleged role of banks in the Alpine state in connection with a a corruption scandal involving Malaysian prime minister Najib Razak.
The attorney general of Switzerland’s office in Bern confirmed the investigation to this publication. "The Office of the Attorney General of Switzerland is carefully considering the evidence and stays in touch with the Malaysian authorities and the Money Laundering Reporting Office Switzerland (MROS)," it told WealthBriefing in an emailed statement.
Earlier this week, the Malaysian Anti-Corruption Commission said hundreds of millions of dollars deposited into Najib's personal accounts were donations, not from the 1MDB state investment fund as had been alleged. Najib has also said strenuously that he did nothing wrong.
Swiss angle
Bruno Manser Fonds, an organisation campaigning to protect the
Malaysian rainforest and its people, said on its website that
Swiss federal prosecutors are expected to decide in the coming
weeks if they will open criminal proceedings against Swiss banks,
businesses and individuals over their involvement in the matter.
The charity has lodged complaints under criminal law against the Swiss subsidiaries of RBS Coutts, JP Morgan (Suisse) and the Geneva branch of PetroSaudi International for alleged money-laundering and other criminal offences when dealing with the Malaysian investment fund 1MDB.
Last January, Swiss prosecutors said they would not look into the matter for a lack of evidence, BMF said. After leaked documents published by Sarawak Report, a website, substantiated the role of Swiss banks and businesses in the scandal, the Bruno Manser Fund approached the prosecutors and the Swiss bank regulator FINMA again.
BMF is also urging Swiss authorities to investigate the legal compliance of the Singapore subsidiaries of Swiss banks Falcon Private Bank and BSI with Swiss banking laws.
