ZURICH Oct 12 Switzerland's Office of the
Attorney General (OAG) has opened criminal proceedings against
Zurich-based Falcon Private Bank over its alleged failure to
prevent suspected money laundering linked to Malaysian state
fund 1Malaysia Development Bhd (1MDB).
"The information suggests that the offences of money
laundering currently under investigation in (the) 1MDB case
could have been prevented had the Falcon Private Bank Ltd been
adequately organised," the OAG said in a statement on Wednesday.
The opening of OAG proceedings follows sanctions on Tuesday
for Falcon from Swiss financial watchdog FINMA and the Monetary
Authority of Singapore (MAS).
(Reporting by Joshua Franklin; Editing by Michael Shields)