Falcon Bank faces Swiss criminal probe in 1MDB case

ZURICH (Oct 12): Swiss federal prosecutors have opened criminal proceedings against Zurich-based Falcon Private Bank for allegedly failing to prevent suspected money laundering linked to 1MDB, the scandal-hit Malaysian state fund, prosecutors said on Wednesday.

Falcon becomes the second Swiss bank after BSI to face a criminal investigation by Switzerland's Office of the Attorney General (OAG) over links to 1Malaysia Development Berhad (1MDB).

Falcon, owned by Abu Dhabi's International Petroleum Investment Co (IPIC), said in a statement it would cooperate with the OAG to help ensure a speedy resolution to the investigation.

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