A former banker with Coutts & Co has been found guilty of failing to flag money-laundering concerns related to a transfer of US$700 million (about RM2.97 billion) into an account controlled by Low Taek Jho or Jho Low, the alleged mastermind behind the 1MDB scandal.
The banker, who was only identified as A., was fined 50,000 Swiss francs (US$55,000) by the Swiss Federal Criminal Court in a ruling on Friday.
“There were numerous signs that there were serious indications of money laundering, which grew over time,” the court said in a statement. “Despite being aware of these well-founded suspicions, A. left the communication” to regulatory officials “until the moment he left the bank.”
Jho Low, a well-connected Penang-born financier, is wanted by Malaysian authorities in their corruption and money laundering investigations regarding 1MDB’s investments and financial deals.Another
Last week, former Malaysian prime minister Najib Razak was convicted on charges of corruption and embezzlement relating to funds of a former 1MDB subsidiary, SRC International.