It’s not our money, say 1MDB, MoF

March 14, 2018 | By | Reply More

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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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