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Swiss attorney general opens criminal probe of Falcon in 1MDB case
October 12, 2016 / 10:27 AM / a year ago

Swiss attorney general opens criminal probe of Falcon in 1MDB case

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 logo of Switzerland's Falcon Private Bank, owned by Abu Dhabi's International Petroleum Investment Co (IPIC), is seen at its headquarters in Zurich, Switzerland October 5, 2016. REUTERS/Arnd Wiegmann/File Photo

“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

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