The day after the DOJ announced FCPA and money-laundering conspiracy charges against Jho Low and two former Goldman Sachs bankers, Goldman itself published an update about the 1MDB case and ongoing investigations.… Continue Reading
The former chairman of Goldman Sachs in Southeast Asia pleaded guilty to FCPA and money laundering conspiracies in connection with a plot to loot the Malaysian sovereign wealth fund 1MDB.
Eight former agents from Malaysia’s foreign intelligence agency were arrested this week for allegedly stealing $12 million in government funds.… Continue Reading
Malaysia’s former prime minister Najib Razak was charged Wednesday with three counts of money laundering tied to the looting of billions of dollars from a government sovereign wealth fund.
Police in Malaysia said Najib stole about $10 million from a unit of 1MDB called SRC International.… Continue Reading
Police in Kuala Lumpur are releasing more details about what they’ve seized from houses and condos belonging to Najib Razak, the former prime minister voted out of office this month amid a growing corruption investigation.… Continue Reading
The Justice Department filed civil forfeiture complaints Thursday against $540 million in assets allegedly bought with money looted from a Malaysian sovereign wealth fund.
The DOJ has now filed forfeiture actions against nearly $1.7… Continue Reading
Singapore’s central bank Tuesday fined Credit Suisse and United Overseas Bank for breaching anti-money laundering rules in connection with Malaysian sovereign wealth fund 1Malaysia Development Berhad.
Singapore authorities are banning the former director of Goldman Sachs in Singapore for ten years for his role in the 1MDB scandal.
Prosecutors in the Singapore trial of a former BSI banker said this week the defendant and other former employees of the Swiss bank helped launder up to $2.3 billion looted from the Malaysia sovereign wealth fund 1MDB.… Continue Reading
Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.
The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”… Continue Reading
Authorities in Singapore Monday charged two ex-BSI SA bankers for their role in helping divert money from a Malaysia sovereign wealth fund.
Private banker Yak Yew Chee, 57, was charged with seven criminal counts, including forgery and failing to report suspicious transactions.… Continue Reading
From 2009 to at least 2013, private individuals were allegedly able to siphon off more than $3.5 billion from the wealth fund of Malaysia and go on a high-end luxury shopping spree in several countries including the United States, the United Kingdom and Switzerland for property, museum-quality art and a private jet. … Continue Reading