It’s not our money, say 1MDB, MoF

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: 1Malaysia De­vel­op­ment Bhd (1MDB) and the Min­istry of Fi­nance (MOF) are not lay­ing claim to the Swiss francs (CHF) 104 mil­lion (RM429 mil­lion) held by Switzer­land’s fi­nan­cial reg­u­la­tors in con­nec­tion with in­ves­ti­ga­tions into al­leged fraud­u­lent ac­tiv­i­ties in­volv­ing 1MDB.

Sev­eral par­ties, in­clud­ing members of the op­po­si­tion party, have asked that the Swiss au­thor­i­ties repa­tri­ate the funds back to Malaysia.

MOF ex­plained in a state­ment that the CHF 104 mil­lion rep­re­sents the to­tal amount in fines or penal­ties im­posed on var­i­ous pri­vate banks for vi­o­la­tions of the Swiss fi­nance and banking laws.

“There­fore, the CHF 104 mil­lion are not monies be­long­ing to the Malaysian govern­ment or any of its agen­cies or re­lated com­pa­nies.”

1MDB in a sep­a­rate state­ment re­it­er­ated that it has not lost any money and that all its monies are ac­counted for.

FINMA launched en­force­ment pro­ceed­ings against seven bank of­fice hold­ers in con­nec­tion with the 1MDB case be­tween 2016 and 2017.

The lat­est was against JP Mor­gan (Switzer­land) Ltd for al­legedly breach­ing the anti-money laun­der­ing reg­u­la­tions by fail­ing to ad­e­quately screen trans­ac­tions and busi­ness re­la­tion­ships booked in Switzer­land as­so­ci­ated with 1MDB and one of its busi­ness part­ners, ac­cord­ing to FINMA.

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