Swiss approve dissolution of scandal-hit bank

GMT 08:25 2016 Tuesday ,24 May

Arab Today, arab today Swiss approve dissolution of scandal-hit bank

Paris - Arab Today

Swiss financial regulators announced Tuesday they have agreed to the takeover and dissolution of Lugano-based BSI Bank, which has been linked to a Malaysian corruption scandal.

The Swiss supervisor FINMA accused  merchant bank BSI of "serious breaches" of money-laundering rules in its dealings with the Malaysian sovereign wealth fund 1MDB, which is at the heart of a financial scandal swirling around Malaysia's Prime Minister Najib Razak.

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