1MDB Probe Widens as Investigators Target Swiss Private Bank
- Swiss regulator may penalize six banks over 1MDB, Petrobras
- Money laundering risks increasing amid corruption scandals
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Two of the world’s biggest financial scandals deepened Tuesday as investigations stemming from a troubled Malaysian state fund widened to include a private bank being sold by a wounded Brazilian firm.
Swiss prosecutors began criminal proceedings against BSI SA, while in Singapore authorities ordered the closure of the bank’s local unit. At the same time, EFG International AG won approval to buy BSI from Brazil’s Grupo BTG Pactual SA, which is embroiled in the Petroleo Brasileiro SA scandal involving bribes and kickbacks.