Malaysia

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1MDB Casts Shadow on Ex-Swiss Bank CEO’s Money-Laundering Trial

The former boss of a defunct Zurich private bank that was mired in the multibillion-dollar 1MDB scandal faces a trial next week accused of money laundering for a Gulf businessman convicted in the affair. Eduardo Leemann, who denies any wrongdoing, is set to appear at Switzerland’s Federal Criminal Court… Read More

Malaysia: Defence claims businessman who donated millions ‘unreliable’ on whether Zahid promised projects after GE14

Datuk Seri Ahmad Zahid Hamidi should not have to face two of eight corruption charges in a trial now because of “unreliable” testimony from the prosecution’s star witness, his defence lawyer told the High Court today. Lead defence counsel Hisyam Teh Poh Teik argued that the star witness, textile wholesaler… Read More

Australia, Malaysia, Singapore and South Africa launch cenbank digital currency scheme

Central banks in Australia, Singapore, Malaysia and South Africa will conduct a cross border payments trial using different central bank digital currencies (CBDC) to assess if this allows transactions to be settled more cheaply and easily, the banks said on Thursday. Many governments and central banks around the world are… Read More
24th August 2021
A Swiss appeals court has rejected a banker’s bid to lift his three-year regulatory ban from working in the industry over failures to properly fight money-laundering linked to scandal-hit Malaysian sovereign wealth fund 1MDB. In a ruling released on Monday, the Federal Administrative Court turned down the appeal by the… Read More
10th August 2021
OCCRP – Cyprus’s “golden passport” program is considered a corrupt free-for-all that gave kleptocrats, oligarchs, and criminals access to European citizenship. From Putin crony Oleg Deripaska to fugitive Malaysian fraudster Jho Low of the infamous 1MDB scandal, Cyprus’s willingness to sell citizenship to unsavory people has been a… Read More
8th August 2021
The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion. The funds, which were repatriated to Malaysia, had been laundered through major financial… Read More
5th August 2021
Former youth and sports minister Syed Saddiq Syed Abdul Rahman has been charged with two counts of money laundering at the Sessions Court in Johor Baru, Malaysia involving a total of RM100,000 (S$32,007). The 29-year-old, who is also Muar MP, pleaded not guilty after the charges were read to him… Read More
1st August 2021
The Sessions Court here today acquitted and discharged Umno legal adviser Datuk Mohd Hafarizam Harun on money laundering charges, involving RM15 million, which he allegedly received from former Prime Minister Datuk Seri Najib Razak. Judge Suzana Hussin made the ruling after deputy public prosecutor Datuk Ishak Mohd Yusoff informed the… Read More
25th July 2021
Malaysia and the United States (US) have strengthened bilateral tax relations with the implementation of the Foreign Account Tax Compliance Act (FATCA), said the Ministry of Finance (MoF). In a statement today, the ministry said the enactment of FATCA was following the conclusion of an intergovernmental agreement signed on July… Read More
14th July 2021
Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them. Washington has ramped up shipping-related sanctions over the last two years to make it harder… Read More
13th July 2021
A Penang Umno leader has been charged at the sessions court here with 106 counts of money laundering amounting to over RM11 million in cash, stocks and property as ‘gifts’ received from various companies. Bayan Baru Umno chief Mansor Musa was charged with receiving kickbacks between Sept 2011 and Aug… Read More
12th July 2021
Malaysia’s government and state fund 1Malaysia Development Berhad (1MDB) are seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund, court documents seen by Reuters showed. Audit firm KPMG on Friday denied the allegations and pledged to “vigorously”… Read More
6th July 2021
The news report on July 1 that the US State Department has downgraded Malaysia’s ranking in its “Trafficking in Persons (TIP) Report” (2021) to Tier 3 (from Tier 2) can only provoke two responses: expected (unsurprised) or unexpected (surprised). Those who are unsurprised at the move will point to the… Read More