Swiss Banker Found Guilty in $700 Million 1MDB Transfer

(Bloomberg) — A former Coutts & Co. banker was found guilty of failing to flag money-laundering concerns related to a $700 million transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal.
The man, who was only identified as A., was fined 50,000 Swiss francs ($55,000) by the Swiss Federal Criminal Court in a ruling Friday.
“There were numerous signs that there were serious indications of money laundering, which grew over time,” the court said in a statement. “Despite being aware of these well-founded suspicions, A. left the communication” to regulatory officials “until the moment he left the bank.”
The decade-old 1MDB scandal, which led to the fall of former Malaysian Prime Minister Najib Razak, returned to the headlines this past week. Najib was found guilty of abuse of power and money laundering, while Goldman Sachs Group Inc. struck a $3.9 billion deal with Malaysia to resolve probes into the U.S. bank’s role in a scheme to plunder the Asian nation’s 1MDB investment fund.
The scandal was breathtaking for the audacity with which little known financier Jho Low built an $8-billion dollar fund intended to develop the Malaysian economy, and authorities allege that he then pilfered from the fund to fuel a spending spree on parties, sports cars, luxury properties and priceless art.
Read more: How Malaysia’s 1MDB Scandal Shook the Financial World: QuickTake
Low established a Seychelles-registered company, Good Star, in May 2009 and opened an account at Coutts’ Singapore branch less than a month later. By September of that year, Low was asking to cease all communication with Coutts in Singapore and to receive updates only from Coutts’ Swiss unit to a gmail address he had created: chairman.goodstar@gmail.com.
Despite the unorthodox demand, A. approved Low’s request to transfer $700 million from 1MDB to an account held in the name of Good Star. In an Oct. 2, 2009 email, he wrote “the due diligence is so far good and we have sufficient evidence that the payment is true and valid.”
Monika Roth, A’s lawyer, wasn’t immediately available to comment on the verdict.
Coutts & Co. was sold by Royal Bank of Scotland Group Plc in 2016 to Union Bancaire Privee. It was fined $6.5 million in 2017 for allowing $2.4 billion worth of assets related to the Malaysian development fund to flow through its accounts at a number of Swiss banks.
Low is currently a fugitive, thought to be in Macau, but authorities there on Friday rejected that suggestion by Malaysian police. Malaysia is seeking his arrest after issuing new charges against him in February.
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Rich people are spending millions to buy citizenship in ‘safe’ countries


Rich people are spending millions to buy citizenship in
A “safe” passport. Rich people across the globe are now spending millions to buy citizenship in countries like New Zealand, which acted quickly and eradicated COVID-19 before any other country …


Rich people are spending millions to buy citizenship in
Rich people across the globe are now spending millions to buy citizenship in countries like New Zealand, which acted quickly and eradicated COVID-19 before any other country in the world. The South Pacific nation previously reported 80,000 Americans sought out information in May on how to emigrate there — a 65% jump compared to the same time …


Rich people are paying for passports in ‘safe’ countries
The ultimate brag for the uber-rich in these pandemic times? A “safe” passport. Rich people across the globe are now spending millions to buy citizenship


Rich people are spending millions to buy citizenship in
The ultimate brag for the uber-rich in these pandemic times? A “safe” passport. Rich people across the globe are now spending millions to buy


Rich people are paying for passports in ‘safe’ countries
The ultimate brag for the uber-rich in these pandemic times? A “safe” passport. Rich people across the globe are now spending millions to buy citizenship in countries like New Zealand, which acted quickly and eradicated COVID-19 before any other country in the world. The South Pacific nation previously reported 80,000 Americans sought out information in May on how to emigrate there


Rich people are spending millions to buy citizenship in
The ultimate brag for the uber-rich in these pandemic times? A “safe” passport. Rich people across the globe are now spending millions to buy citizenship in countries like New Zealand, which acted quickly and eradicated COVID-19 before any other country in the world. The South Pacific nation previously reported 80,000 Americans sought out information in


Rich Kenyans Splurge Millions on Buying Citizenships in
Other super-rich people seek an alternative citizenship in Caribbean islands with Saint Kitts being their favourite choice. For instance, a couple with two minors can spend Sh22 million to apply …


Willing to pay for privilege: The rich are looking to buy
For instance, you can acquire the right to live, work and study in New Zealand if you part with NZ$3 million ($2 million) or NZ$10 million, depending on the type of investor resident visa you choose. About 1.2 million euros ($1.4 million), including a property purchase, will get a married couple citizenship in Malta.


The rich are looking to buy access to COVID safe havens
The rich are looking to buy access to COVID safe havens The next time the world’s rich are forced into lockdown, they would like to have an escape ready to a remote and sunny beach.


Countries where you can buy citizenship | World Economic Forum
Why do people buy citizenship? Foreign investors see a number of benefits to acquiring citizenship or residency permits, according to the Migration Policy Institute . The ability to move families permanently to countries such as the US, the UK or Australia is a major draw, while many see expanding their ability to travel visa-free as a major …
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Chart of the Day: 4,500 private home units to be completed from Q2 to Q4

As at Q1, there are nearly 52,100 units in the pipeline.
This chart from EDMUND TIE shows that around 4,500 private home units are expected to be completed from Q2 to Q4. About 37.9% of the pipeline supply (around 19,700 units) have sold, whilst the remaining 62.1% (around 32,000 units) are still unsold.
Based on the five-year annual average take-up of new sale units of around 8,900 units, the unsold units will take around 3.6 years to be absorbed. However, EDMUND TIE said that a prolonged climate of lower sales will reduce the absorption rate.
As at Q1, there are nearly 52,100 units in the pipeline.
Meanwhile, the total rental volume of private homes crashed 18.4 YoY and 10% QoQ to 19,506 transactions in Q2, no thanks to the Circuit Breaker, which prevented prospective tenants from visiting and viewing properties for lease.
It also cited the URA Rental Index for all residential property, revealing a 1.2% dip QoQ in Q2, following a QoQ rebound of 1.1% in Q1. EDMUND TIE said that it may be due to the reduction of companies’ rental budgets and salaries amidst the economic uncertainties.

Judge orders release of videos in man’s jail death in Forsyth County


Judge orders partial release of video in man’s jail death
Judge orders partial release of video in man’s jail deathForsyth County Superior Court Judge R. Gregory Horne said in a five-page ruling that releasing the video of John Neville, a 56-year …


Judge orders release of videos in man’s jail death in
Forsyth County Superior Court Judge R. Gregory Horne said in a five-page ruling that releasing the video of John Neville, a 56-year-old Black man from Greensboro, “is necessary to advance a …


Judge Orders Partial Release of Video in Man’s Jail Death
Judge Orders Partial Release of Video in Man’s Jail Death WINSTON-SALEM, N.C. (AP) — Two videos showing a jailed North Carolina man restrained in what reports described as a “hog-tie” position …


Judge orders partial release of video in man’s jail death
Judge orders partial release of video in man’s jail death By TOM FOREMAN Jr. – Associated Press Friday, July 31, 2020 WINSTON-SALEM, N.C. (AP) – Two videos showing a jailed North Carolina man restrained in what reports described as a “hog-tie” position before his death last year should be released publicly, a judge ruled Friday.


Judge orders partial release of video in man’s jail death
Judge orders partial release of video in man’s jail death Fri, Jul 31, 2020 0 Comments WINSTON-SALEM, N.C. (AP) — Two videos showing a jailed North Carolina man restrained in what reports described as a “hog-tie” position before his death last year should be released publicly, a judge ruled Friday.


Judge orders video be released in inmate’s death :: WRAL.com
A Superior Court judge ordered the Forsyth County Sheriff’s Office to release two videos of the events leading up to the death of John Neville in December. Five former detention center officers …


Forsyth County judge issues ruling to release videos after …
A Forsyth County judge issued a ruling to release videos after the death of an inmate. Officials said John Neville, 57, of Greensboro, died on Dec. 4, 2019, at Wake Forest Baptist Medical Center …


Forsyth County judge approves release John Neville’s death
A judge in Forsyth County approved the release of some of the video related to the death of John Neville.Neville died in December after receiving injuries at the Forsyth County Detention Center …


Judge to Release Video of John Neville, Black Inmate Who …
On Friday, Superior Court Judge R. Gregory Horne ruled the Forsyth County Sheriff’s Office must release two video files by 12 p.m. on Aug. 5. One is body-cam footage from a guard who’s facing …


Judge orders Forsyth NC jail video of John Neville …
Judge Greg Horne ordered the release of video capturing an incident at the Forsyth County jail in Winston-Salem that led to a Greensboro man’s death. Media petitioned the courts to release video.

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