Compliance
US Intends To Reimburse Malaysia Over 1MDB Scandal - Report

The development is an example of how the 1MDB scandal in Malaysia has spread its net worldwide.
US authorities are preparing to return about $200 million of
funds allegedly misappropriated from embattled state fund
1MDB to Malaysia,
Bloomberg reported, citing unnamed sources.
The figure includes about $140 million from the sale of a stake
in New York’s Park Lane Hotel and some $60 million from a
settlement paid by the producer of the “Wolf of Wall Street”
movie, according to two people cited by the news service. The
transfer could happen as soon as next week, they said.
The web of financial transactions involving the Malaysian fund
has spread to the US, Singapore, Switzerland and other nations.
The scandal has led to banks being ejected by regulators from
Singapore, for example, and contributed to worries that money
laundering is a major risk that wealth managers must
understand.
Malaysian Prime Minister Mahathir Mohamad has reached out to
countries for help in tracking and recouping the $4.5 billion
believed to have been taken from 1MDB. Former Malaysian prime
minister Najib Razak and Goldman Sachs have been embroiled in the
scandal.
The news report said that representatives of the US Justice
Department did not immediately respond to a request for comment
yesterday.
A US court has made an order on a plane that is parked in
Singapore, the jurisdiction’s police told the news service.