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In 2021, MPs’ graft trials set to take centre court again in Malaysia

Several high-profile corruption trials, including that of six MPs, will continue to hog the limelight as Malaysians usher in the new year. Trials of these cases were delayed due to the the movement control order (MCO) in March and later the conditional MCO which saw courts being closed for physical… Read More

Malaysian High Court finds Tengku Adnan guilty in RM2m graft case

Datuk Seri Tengku Adnan Tengku Mansor has been found guilty by the High Court today on a charge of accepting a RM2 million bribe from a businessman in his capacity as former Federal Territories minister. In delivering his judgment to a packed courtroom, High Court judge Mohamed Zaini Mazlan said… Read More

1MDB Scandal Casts Pall Over Indonesia Wealth Fund Ambitions

Indonesia will need to step out of the shadows of neighboring Malaysia’s 1MDB scandal to convince investors that its new wealth fund won’t fall prey to corruption. Nusantara Investment Authority will take lessons from other sovereign wealth funds and adopt a framework based on independence, transparency and accountability, said Isa… Read More

3rd December 2020

Italian mafia probe shows banks exposure to massive alleged laundering scheme

By Scilla Alecci, ICIJ, 2 December 2020 ICIJ — Italian authorities investigated a businessman suspected of laundering billions of dollars for mafia associates using banks in a dozen countries around the world, according to the anti-mafia unit of Reggio Calabria, in Southern Italy. Roberto Recordare, an IT entrepreneur from… Read More

24th November 2020

Ex-Goldman Banker Says He Warned Bosses About Jho Low, 1MDB

Former Goldman Sachs Group Inc. banker Roger Ng asked for the foreign bribery case against him to be dismissed, saying he “warned” the bank not to do business with Malaysian financier Jho Low. Ng, who says he told Goldman that Low was “not to be trusted,” is facing trial… Read More

18th November 2020

Malaysia’s Najib seeks to depose Goldman Sachs, ex-banker in 1MDB defence

Former Malaysian prime minister Najib Razak asked a U.S. court on Tuesday for permission to seek documents and testimony from investment bank Goldman Sachs to help in his defence against criminal charges in Malaysia over the 1MDB financial scandal. Najib, who is on bail after being sentenced to 12 years… Read More

18th November 2020

How 1MDB fugitive Jho Low tried to bargain for his freedom

Malaysia’s $4.5bn 1MDB scandal brought down the country’s former prime minister, Najib Razak, and in July saw him convicted and sentenced to 12 years in jail, subject to an appeal, in the first of several trials over his role in looting the fund. International investment bank Goldman Sachs, often regarded… Read More

6th November 2020

Taiwanese billionaire with Malaysian, Cambodian, Indonesian titles arrested for alleged money laundering

Chuang Chou-wen (莊周文), a billionaire chairman of a financial holding headquartered in Taichung, Taiwan, has been arrested for his alleged connection to illegal gambling and money-laundering, and as of Wednesday (Nov. 4), he was being held in Changhua, Taiwan. Chuang, the chairman of Xin Li Wang Intl. Holding Group (新力旺國際控股集團),… Read More

3rd November 2020

Goldman’s 1MDB lesson: Leaving top executives on the hook for corporate fines

In a concept that has been raised before, making Wall Street’s senior managers financially liable for corporate fines may ensure that they take greater care with deals and transactions that pose risks to the organization, experts said. The continuing practice of firms entering into deferred prosecution agreements (DPAs) with regulators… Read More

28th October 2020

Company ownership secrecy prevails in Southeast Asia, UN report says

Southeast Asian countries are lagging behind in the adoption of registries with information on companies’ true owners, a tool deemed crucial to fight corruption, money laundering and terrorism financing, according to a report by the United Nations Office on Drugs and Crime. “While transparency in the banking sector is… Read More

26th October 2020

Anti-money laundering agency keeps Pakistan on watch list

A global anti-money laundering watchdog kept Pakistan on its monitoring list asking the South Asian nation to improve controls on terrorist financing while lauding authorities for recent progress. The Financial Action Task Force strongly urged Pakistan to complete its action plan by February, following a three-day meeting. Pakistan has largely… Read More

23rd October 2020

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

Goldman Sachs, one of Wall Street’s oldest and most prestigious banks, will pay $2.9 billion in penalties and fees to settle federal charges over its involvement in a Malaysian bribery scheme, the Justice Department announced Thursday. Prosecutors in the Eastern District of New York charged the bank with conspiracy to… Read More

23rd October 2020

Malaysia: Money laundering suspects also involved in forex investment fraud

The police revealed that a call centre for an international gambling syndicate masterminded by two men believed to be involved in a recent money laundering case was also involved in a foreign exchange (forex) investment fraud cases. Bukit Aman Criminal Investigation Department (CID) director Datuk Huzir Mohamed said investigations found… Read More

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China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps