Malaysia will take legal action against individuals that played a role in defrauding 1Malaysia Development Bhd, according to a governmental official cited by Bloomberg. The U.S. Justice Department last month said that individuals close to Prime Minister Najib Razak funneled at least $3.5 billion out of the state investment fund and into various investments in the United States. More UAE authorities arrested Khadem Al Qubaisi for his alleged role in the multibillion-dollar 1MDB fraud following accusations that the Emirati businessman used money embezzled from the fund to finance the world's fifth-largest yacht, The Wall Street Journal reported, citing unnamed sources....
HSBC said it has failed to create an effective U.S. risk management program as required in a 2010 action, New York Governor Mario Cuomo approved a new law classifying certain fantasy sports as games of skill, and more, in this week's roundup.
U.S. prosecutors are investigating employees of Mossack Fonseca, while separately alleging that a painting by Claude Monet was used to launder money in connection with embezzlement from 1MDB, and more, in the weekly roundup.
FinCEN imposed a $2.8 million monetary penalty against a Californian-based card club, House lawmakers approved legislation that would block a planned deal between Boeing and Iran Air, and more, in this week's roundup.
Myanmar and Sudan have dropped to the worst-offenders category for human trafficking in an annual report by the State Department, the Real Estate Council of British Columbia will soon have its self-regulating powers revoked, and more, in this week's roundup.
The U.S. Justice Department is probing the Israeli arm of Credit Suisse for allegedly helping clients evade the taxes, Swiss private bank BSI is appealing a $99 million fine imposed by Finma, and more, in this week's roundup.