US EditionJP Morgan Convicted by Swiss for Failing to Stop Money Laundering in 1MDB Case
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6 Articles
JP Morgan convicted by Swiss for failing to stop money laundering in 1MDB case
NEW YORK: Swiss federal prosecutors on Friday said they had convicted JP Morgan of failing to prevent aggravated money laundering related to the scandal at Malaysian state fund 1MDB, and fined the US bank three million francs (US$3.7 million).
1MDB: Multi-Million Fine for J.P. Morgan Suisse
J.P. Morgan is once again being required to pay in Switzerland in the case of the Malaysian state fund 1MDB. The Swiss Office of the Attorney General has issued a penalty order against the local subsidiary, sentencing it to a fine of three million Swiss francs.
In the case of the Malaysian State Fund 1MDB, J.P. Morgan is now asked to pay again in Switzerland. The Swiss Federal Prosecutor's Office has sentenced the local daughter to a fine of three million francs.
This conviction comes in the context of proceedings in connection with the misappropriation of assets to the detriment of the Malaysian Sovereign Fund.
Bank JPMorgan Suisse has been sentenced by the Swiss Federal Prosecutor's Office to a fine of three million francs in the wake of the billion-dollar scandal surrounding the Malaysian State Fund 1MDB.
The Attorney General of the Confederation condemns the Swiss branch of the US bank "for failing to take all reasonable and necessary measures to prevent the commission of aggravated money-laundering acts"The Attorney General of the Confederation (MPC) sentenced the bank J.P. Morgan (Switzerland) to a fine of 3 million francs, in connection with the misappropriation of assets of the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1M…
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