The Independent

Switzerland working on 1MDB criminal case

Screen Grab of 1MDB construction site banner

The Swiss Attorney General’s office has confirmed it has another criminal proceeding pending in the 1MDB case that it is investigating.

In a note to The Independent, the Swiss AG office said while the case is pending, and no further information can be given, such proceedings are dynamic processes.

“Attention should be paid to the fact, that criminal proceedings are dynamic processes and the total sum can vary due to confiscations respectively releases of confiscated assets during the course of time of the proceedings.”

Currently, there is a criminal proceeding against the Falcon bank.

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.