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Two Umno leaders charged with money laundering linked to Malaysia scandal

Two Umno leaders were charged with money laundering yesterday, for funds allegedly received from former Malaysian prime minister Najib Razak seven years ago. Pontian MP Ahmad Maslan was slapped with two charges, namely failure to declare RM2 million (S$663,000), which he allegedly received from Najib, when filing for taxes for… Read More

Goldman Profit Falls as Bank Braces for 1MDB Fine

Eight years ago, Goldman Sachs Group Inc. bankers sold bonds on behalf of a little-known Malaysian investment fund. On Wednesday, the fallout from that deal wiped out about 13% of the bank’s 2019 profits and darkened otherwise strong results. Goldman socked away an extra $1.1 billion late last year… Read More

Recordings Show Najib’s Effort to Seek Help on 1MDB Scandal

Malaysian investigators played audio recordings of former premier Najib Razak seeking help from people including a member of Abu Dhabi royalty and former prosecutors to try to untangle himself from the 1MDB scandal in 2016. One of the clips show Najib reaching out to Abu Dhabi’s Crown Prince… Read More

8th January 2020

Higher cost to implement Malaysia’s new compliance rulings

Bank Negara Malaysia’s (BNM) reporting institutions, especially insurance operators, Lembaga Tabung Haji (TH) and money services, will incur higher operating cost to comply with the central bank’s money laundering rulings. The central bank recently released comprehensive guidelines on anti-money laundering and countering financing of terrorism (AML/CFT) to stem illegal transfers. Read More

6th January 2020

Pay your 1MDB compound or face action, MACC warns

Malaysian Anti-Corruption Commission (MACC) chief commissioner Latheefa Koya says the anti-graft body will act against those who have not paid up despite compound notices issued to them for receiving funds from 1MDB. She said among others, they could be charged in court under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds… Read More

2nd January 2020

Malaysia tightens rules on anti-money laundering, terrorism financing

Malaysia’s central bank, known as Bank Negara Malaysia (BNM), has issued a revised policy document on anti-money laundering/counter financing of terrorism (AML/CFT) and targeted financial sanctions (TFS), which take effect on January 1. The document provides guidelines for designated non-financial businesses and professions (DNFBPs) and non-bank… Read More

26th December 2019

With trials lined up, Najib to remain attention grabber in 2020 – and beyond

Former prime minister Najib Razak is likely to remain in the glare of public attention throughout next year as he makes court appearances to face a slew of charges in five criminal cases. Three of the cases are already ongoing and these include the one in which he is accused… Read More

24th December 2019

Goldman Sachs in Talks to Admit Guilt, Pay $2 Billion Fine to Settle 1MDB Probe

Goldman Sachs Group Inc.is in talks with the U.S. government to pay a multibillion-dollar fine, admit guilt and agree to continuing oversight of its compliance procedures in order to resolve a criminal investigation into its role in a Malaysian corruption scandal. Goldman and the Justice Department have largely agreed on… Read More

20th December 2019

Goldman Is in Talks to Settle Malaysia Fund Scandal

Goldman Sachs is negotiating with federal prosecutors to pay a fine of as much as $2 billion, and have a subsidiary plead guilty to settle claims about its role in a scheme to loot billions from a sovereign wealth fund in Malaysia, according to two people with knowledge of… Read More

17th December 2019

Ex-Goldman Sachs Partner Barred by S.E.C. Over 1MDB Scandal

Securities regulators have barred a former partner at Goldman Sachs from working in the industry more than a year after he pleaded guilty to helping orchestrate the looting of billions of dollars from a sovereign wealth fund in Malaysia. The banker, Tim Leissner, did not contest the penalty in… Read More

17th December 2019

Bank Negara Malaysia Issues Draft Rules on Financial Sector Use of Electronic KYC

BNM (Bank Negara Malaysia) has issued an exposure draft setting out proposed requirements and standards for financial institutions looking to implement e-KYC in customer onboarding. The requirements are aimed at enabling the safe and secure application of e-KYC technology in the financial sector, and at facilitating BNM’s continued ability to… Read More

13th December 2019

Malaysia to implement beneficial ownership register

Malaysia is set to introduce new guidelines requiring all registered companies to submit information on their beneficial owners. The Companies Commission Malaysia (CCM) regulatory development and services division director, Norhaiza Jemon, said the commission intends to implement the new requirements in early 2020 as local media reported. Norhaiza had… Read More

9th December 2019

U.S. Is Discussing Goldman 1MDB Settlement Below $2 Billion

Goldman Sachs Group Inc. could end up paying less than $2 billion to resolve U.S. criminal and regulatory probes over its role in raising money for scandal-ridden Malaysian investment fund 1MDB, said three people familiar with the negotiations. The Justice Department and other federal agencies, in internal discussions… Read More

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