Luxembourg Bank Fined over Malaysian 1MDB Fund Scandal

Luxembourg bank fined over Malaysian 1MDB fund scandal

LUXEMBOURG: A Luxembourg court on Thursday (May 22) fined Edmond de Rothschild bank €25 million (US$28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. "This is the first time that a Luxembourg banking establishment has been convicted in a mon

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By PAUL O’DONOGHUE, Senior Correspondent PRIVATE bank Edmond de Rothschild Europe has become the first banking institution ever to be convicted of money laundering in Luxembourg. As part of the decision, the firm will pay €25 million to settle criminal charges related to Malaysia’s 1MDB sovereign wealth fund.  The €25 million penalty was already agreed between prosecutors and Edmond de Rothschild Europe last month. However, it has now been forma…

The Geneva banking group Edmond de Rothschild has been convicted by a court in Luxembourg of money laundering in connection with the Malaysian State Fund 1MDB scandal.

Luxembourg bank fined €25mil over 1MDB scandal

Judicial authorities say this is the first time that a Luxembourg banking establishment has been convicted in a money laundering case.

Edmond de Rothschild Bank was convicted Thursday of money laundering and had 25 million euros confiscated by a Luxembourg court, in one of the many ramifications of the vast scandal linked to the Malaysian sovereign wealth fund 1MDB.

The Edmond de Rothschild bank was convicted in the 1MDB case. This is the first conviction for money laundering and concealment for a Luxembourg bank.