ZURICH (Reuters) - Switzerland’s Office of the Attorney General (OAG) has opened criminal proceedings against Zurich-based Falcon Private Bank over its alleged failure to prevent suspected money laundering linked to Malaysian state fund 1Malaysia Development Bhd (1MDB).
“The information suggests that the offences of money laundering currently under investigation in (the) 1MDB case could have been prevented had the Falcon Private Bank Ltd been adequately organised,” the OAG said in a statement on Wednesday.
The opening of OAG proceedings follows sanctions on Tuesday for Falcon from Swiss financial watchdog FINMA and the Monetary Authority of Singapore (MAS). [nL4N1CH0EA]
Reporting by Joshua Franklin; Editing by Michael Shields