World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


International prosecution of grand corruption in Malaysia

Breakthrough in international prosecution of grand corruption in Malaysia

Swiss federal prosecutors have opened criminal proceedings against two "entities" of the Malaysian state fund 1MDB and "unknown" third parties, the Office of the Attorney General (OAG) of Switzerland announced on Friday. The news was broken by the Geneva newspaper Le Temps.

It remains unclear who these "entities" exactly are but it is highly likely that one of them is a Geneva-based joint venture between 1MDB and the Saudi Oil group, PetroSaudi International. Both joint venture partners have been accused of money laundering by Sarawak Report and various international media.

According to an e-mail communication by the OAG, Swiss prosecutors are investigating the 1MDB entities based on articles 305bis (money laundering), 314 (misconduct in public office) and 322septies (bribery of foreign public officials) of the Swiss criminal code.

The OAG said the criminal proceedings were based on two reports by MROS, the Money Laundering Reporting Office Switzerland. Since end of last year, the Bruno Manser Fund also filed two complaints under criminal law against 1 MDB, PetroSaudi International and various banks and persons involved in the Malaysian money-laundering operation.

The criminal proceedings are linked to a multi-billion-dollar corruption scandal surrounding the state fund 1 MDB, which is chaired by Malaysian Prime Minister Najib Razak.

The Bruno Manser Fund welcomes this important step in the fight against grand corruption and is hoping that Malaysian authorities will fully cooperate with the investigation and provide mutual legal assistance to Switzerland.

The Bruno Manser Fund calls on the Swiss authorities to extend the criminal proceedings against several banks involved in the 1MDB money-laundering operation, namely Coutts, JP Morgan, Falcon Private Bank and BSI.

The compliance offices of these banks have completely failed in their legal due diligence duties. The banks should thus be held responsible under articles 102 (corporate criminal liability) and 305bis (money laundering) of the Swiss criminal code.

- Ends -

© Scoop Media

World Headlines


Myanmar: UN Condemns Escalating Violence In Deadliest Day Of Protests So Far

In response to the killing of at least 18 protesters demonstrating against Myanmar’s military coup, the UN human rights office (OHCHR) on Sunday together with the UN chief, strongly condemned the “escalating violence” and called for an immediate end to the use of force... More>>

Syria: Economic Decline, Rising Hunger And Surging Humanitarian Needs

Syria’s fragile economy has “suffered multiple shocks” over the past 18 months, with its currency plummeting and joblessness swelling as people struggle to cover their basic needs, the UN Emergency Relief Coordinator told the Security Council ... More>>

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>

Focus On: UN SDGs

UNFCCC: Greater Climate Ambition Urged As Initial NDC Synthesis Report Is Published

UN Climate Change today published the Initial NDC Synthesis Report, showing nations must redouble efforts and submit stronger, more ambitious national climate action plans in 2021 if they’re to achieve the Paris Agreement goal of limiting global temperature rise by 2°C—ideally 1.5°C—by the end of the century... More>>

2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>

Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>