Switzerland, Singapore Target UBS, Falcon Bank in 1MDB Crackdown

Attorney-general mulls criminal proceedings against Falcon
UBS is subject of Finma enforcement proceedings; no time frame

The Zurich skyline.
Photographer: Alessandro Della Bella/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Hugo Miller, Andrea Tan and Giles Broom

October 11, 2016 at 9:57 AM UTC

Updated on

October 11, 2016 at 1:28 PM UTC

This article is for subscribers only.

Switzerland and Singapore are bearing down on the banks linked to a corruption scandal at 1Malaysia Development Bhd., with the Swiss financial regulator saying enforcement proceedings are underway against UBS Group AG, one of six banks targeted, and the Asian city-state ordering one institution to cease operations and fining others.

Switzerland’s top prosecutor is also considering whether to open a criminal case against the lender that was told to shut down in Singapore, Falcon Private Bank. The Monetary Authority of Singapore fined Falcon S$4.3 million ($3.12 million), UBS S$1.3 million and DBS Group Holdings Ltd. S$1 million for anti-money laundering lapses related to 1MDB.