The Central Bank of Singapore announced about the closure of the branch bank of the second Swiss bank in connection with suspicion of involvement in fraud transactions of Malaysian State Fund 1MDB, Prime reports.
Previously the financial authorities of Singapore announced about the ban on conducting transaction by BSI, the private bank involved in fraud transaction with Malaysian State Fund 1MDB. Later two former BSI employees were charged with forgery of documents and concealment of suspicious transactions.
According to the statement of the Monetary Authority of Singapore, the decision on revocation of the license of the Swiss bank Falcon branch is related to serious violations in money laundering combatting measures, as well as unethical behavior of senior management in the head office of Swiss bank as well as in the branch institution in Singapore.
In addition, it is informed about imposition of financial sanctions on local banks DBS and UBS in connection with fraud in 1MDB.
In July 2015, it became known that the Prime Minister of Malaysia Najib Razab obtained roughly $700 mln to this personal account from organizations, connected with State Fund 1MDB.
The Prime Minister assures that the obtained funds are the contributions from Middle East states.
