Home Web Specials 2016 Web Specials 1MDB case: Swiss attorney general opens criminal proceedings against Falcon Bank

1MDB case: Swiss attorney general opens criminal proceedings against Falcon Bank

Swiss Attorney General Michael Lauber - Photograph: michaellauberandfriends.com

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The office of the attorney general of Switzerland (OAG) has opened criminal proceedings against the Falcon Private Bank Ltd.

The decision to open proceedings is based on information revealed by the investigations in the 1MDB case and on issues raised in the decision of the Swiss Financial Market Supervisory Authority, Finma, from early October 2016.

The OAG suspects deficiencies in the internal organisation of the Falcon Private Bank Ltd. It is believed that due to these deficiencies, the bank was unable to prevent the commission of the offences currently under investigation in the criminal proceedings relating to 1MDB.

Swiss law (Art. 102 para. 2 of the Swiss Criminal Code, SCC) allows the prosecution of a legal entity that is suspected of not taking all the reasonable organisational measures that are required to prevent natural persons from committing offences, in particular money laundering or corruption offences.

Like the criminal proceedings opened against the BSI Bank SA on 23 May 2016, the opening of the criminal proceedings on 12 October 2016 against the Falcon Private Bank Ltd is based on information revealed by the investigations relating to 1MDB and on issues raised in the enforcement decision made by Finma from early October 2016.

The information suggests that the offences of money laundering (Art 305bis SCC) currently under investigation in the 1MDB case could have been prevented had the Falcon Private Bank Ltd been adequately organised.

For further information relating to the OAG’s criminal proceedings in the 1MDB case, the previous press releases issued on 29 January 2016, 12 April 2016, 24 May 2016 and 05 October 2016 are still available on the OAG website.

READ MORE:  Paying off 1MDB? More questions than answers

As in the case of natural persons, the presumption of innocence also applies to legal entities.

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.

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Hakimi Abdul Jabar
24 Mar 2017 10.57pm

CONNECT THE DOTS….

The U.S. Is Preparing to Charge Financier Jho Low in Malaysian 1MDB Scandal
U.S. authorities intend to file criminal charges against Mr. Low, according to people familiar with the investigation, but haven’t disclosed potential timing
https://www.wsj.com/articles/the-u-s-is-preparing-to-charge-a-leading-figure-in-malaysian-scandal-1490109286

Jho Low’s alias revelation brings new twist to 1MDB saga

A significant twist has emerged with regard to the 1MDB saga where it was disclosed in a Singapore court that billionaire Jho Low had also used a different name in his financial dealings involving Malaysia’s troubled investment fund.

Though investigations into 1MDB transactions are being carried out in various countries, Singapore has been the swiftest, shutting down BSI Bank and Falcon Private Bank for facilitating the laundering of 1MDB-linked funds and charging former employees of these banks.

Earlier this week, the Singapore court heard that the often mentioned “Eric Tan Kim Loong” was in fact an alias for Low.
http://www.malaysiakini.com/news/369205#.WNUv1M9IIHw.facebook

Hakimi Abdul Jabar
25 Nov 2016 4.48pm

Read Charles Hector’s latest posts! First, you will laugh your head off & then, get real p…ed :

It was alleged that it was a donation by some Arab…and then it was also disclosed by the Attorney General that the unutilized balance had been returned to the unnamed donor…but IF it was an HONEST DONATION with no strings attached, WHY RETURN THE MONEY.

Crystal clear!

http://charleshector.blogspot.my/2016/11/pope-franciss-words-relevant-to.html

Hakimi Abdul Jabar
13 Oct 2016 3.26pm

I’ll like to see the RTI/FOI apply as well to the 1MDB International Public Corruption & Money Laundering Scandal & the Altantuyaa Scorpene Corruption Scandal :

The Right To Information (RTI) or Freedom of Information (FOI) can be defined as the right to access information held by public bodies. It is an integral part of the fundamental right of freedom of expression, as recognized by Resolution 59 of the UN General Assembly adopted in 1946, as well as by Article 19 of the Universal Declaration of Human Rights (1948), which states that the fundamental right of freedom of expression encompasses the freedom to “to seek, receive and impart information and ideas through any media and regardless of frontiers”.

http://www.unesco.org/new/en/communication-and-information/freedom-of-expression/freedom-of-information/

Tommy
Tommy
12 Oct 2016 8.08pm

On one hand, the Swiss AOG currently requesting further mutual legal assistance from Malaysia, while the other, Attorney General chambers says no request was made by Swiss authority for assistance. Who do you believe is telling lies. No prize for guessing correct.

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