Legal chief may open criminal proceedings following sanctions from Swiss financial watchdog FINMA
Switzerland's Office of the Attorney General (OAG) may open criminal proceedings against Zurich-based Falcon Private Bank following sanctions from Swiss financial watchdog FINMA, the OAG said on Tuesday.
"The question of opening criminal proceedings against Falcon Private Bank Ltd is being considered," the OAG said in a statement.
"In this context, the OAG has requested the Swiss Financial Market Supervisory Authority FINMA to provide a copy of its enforcement decision and will decide whether to open criminal proceedings against the Falcon Private Bank after analysing this decision."
FINMA ordered Falcon to turn over 2.5 million Swiss francs ($2.56 million) in what it said were illegal profits after finding breaches in money laundering regulations in connection with Malaysian sovereign fund 1MDB.
Separately, the Monetary Authority of Singapore (MAS) said it had ordered Falcon's Singapore branch to cease operating because of "a persistent and severe lack of understanding" of Singapore's money-laundering control.
Earlier, Abu Dhabi investment firm Aabar Investments said it was fully behind its Falcon Private Bank unit .
"Aabar Investments PJS ("Aabar") reconfirms its full commitment and support for the bank," Aabar said in a statement.
"Aabar views the bank as a strategic investment and has no current intention to sell." Falcon was fully acquired by Aabar Investments in 2009.
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