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Apr
16

Swiss financial regulator calls 1MDB and Petrobras cases ‘clear corruption’

Swiss financial regulator calls 1MDB and Petrobras cases ‘clear corruption’

The Swiss Financial Market Supervisory Authority (Finma), which is responsible for Switzerland’s financial regulation, has described the Malaysia’s 1MDB and Brazil Petrobras scandals as “clear cases of corruption”.

Finma chief executive officer Mark Branson was referring to money from the two entities which passed through the Swiss financial system.

He called 1MDB and Petrobras prime examples of money laundering risks that Switzerland is facing.

Branson then went on to outline what he said were troubling aspects to both cases.

“These are not events from years ago – the money was still being accepted until quite recently. We are not talking about legacy issues.

“From what it looks like, we are not dealing here with shades of grey. The evidence points to clear cases of corruption.

“The extent of the cases and the sums involved are vast. We are talking about cash flows amounting to several billion US dollars, with individual transactions running into hundreds of millions.

“Those are significant sums of money for developing nations like Malaysia and Brazil, in which the average monthly income is less than US$1,000,” he told the Finma Annual Conference 2016 in Berne, Switzerland, today.

…more
Swiss financial regulator calls 1MDB and Petrobras cases ‘clear corruption’
7 Apr 2016 – malaysiakini

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