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Swiss Open Criminal Proceedings Against BSI Over Malaysia Fund Allegations

By Tony Seruga

Prime Minister Najib Razak of Malaysia, in Kuala Lumpur in February. Mr. Razak is fighting a scandal that has roiled Malaysian politics involving allegations that $681 million was paid into his bank accounts.CreditMohd Rasfan/Agence France-Presse — Getty Images

GENEVA — The authorities in Switzerland said on Tuesday that they had begun criminal proceedings against one of the country’s oldest banks, BSI, after allegations that it had laundered huge sums for “politically exposed” individuals linked to a scandal-plagued Malaysian state investment fund.

The Swiss attorney general’s office said in a statement that it suspected “deficiencies in the internal organization of the BSI S.A. bank” and believed “that due to these deficiencies, the bank was unable to prevent the commission of offenses currently under investigation in the criminal proceedings relating to” the investment fund, 1Malaysia Development Berhad…

Swiss Open Criminal Proceedings Against BSI Over Malaysia Fund Allegations

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