Swiss AG says JP Morgan seriouly breached money laundering rules in 1MDB caseJanuary 20, 2018
Switzerland’s financial regulator said JPMorgan Chase’s Swiss subsidiary “seriously breached” anti-money laundering rules in the 1MDB scandal
It said by completing transactions with the Malaysian government investment fund that is under investigation in at least six countries, JP Morgan Swiss unit helped several individuals tap into the fund.
They transferred “hundreds of millions of dollars” that were meant to be used for 1MDB’s purchase of a company to the personal account of someone tied to a 1MDB business partner.
The bank then sent some of the money to another company associated with that person.
The Justice Department said in a court filing last year that people close to Malaysian Prime Minister Najib Razak had drained more than $3 billion from the fund to support lavish lifestyles, the New York Times said today.