1MDB probe progressing despite Malaysia being uncooperative: Swiss AG

1MDB probe progressing despite Malaysia being uncooperative: Swiss AG

Swiss Attorney General Michael Lauber expressed confidence on Wednesday that his money laundering probe into scandal-hit Malaysian fund 1MDB would bear fruit despite Malaysian authorities' refusal to cooperate.

So far, two merchant banks have been closed while eight others in Singapore have been fined a total of S$30 million for breaches related to Malaysia’s scandal-hit state fund 1MDB.  (Photo: AFP)

BERN, Swtizerland: Swiss Attorney General Michael Lauber expressed confidence on Wednesday that his money laundering probe into scandal-hit Malaysian fund 1MDB would bear fruit despite Malaysian authorities' refusal to cooperate.

"It's not hopeless, in fact it's the opposite," Lauber told a news conference, saying the probe was making progress based on money-laundering reports, bank documents and work with Singapore and other countries.

"It would have been very desirable from our perspective if Malaysia had cooperated," he said. But "we're still confident that we can successfully conclude the process in this area, in particular in the open cases against the two banks," he said, referring to Swiss private banks BSI and Falcon.

Malaysia again rebuffed Switzerland's request for legal assistance in probing 1MDB, Lauber's office had said in November.

Source: Reuters/am