First my comments : Most obviously the Swiss have passed this law targeted against Malaysia because our authorities have not been cooperating with the Swiss as would be expected to resolve a scandal as big as 1MDB. The Swiss are quite explicit when they say :
"even in cases that cannot be resolved through standard international requests for mutual legal assistance".
So which country are they referring to, which has not cooperated with the Swiss over "standard international requests for mutual legal assistance" ?
They cannot be referring to Singapore.
They cannot be referring to the UK.
I am quite certain they are referring to Malaysia.
MALULAH MALAYSIA.
This is from the Singapore Straits Times : http://www.straitstimes.com/business/new-swiss-law-to-target-dictators-bank-accounts
New Swiss law to target dictators' bank accounts
ZURICH • Switzerland will implement a new law in July to help seize and repatriate illicit wealth parked in its banks by foreign dictators, the government has said.
This issue was in the news again this week when the Monetary Authority of Singapore ordered the closure of Swiss private bank BSI's operations locally, and Swiss prosecutors began criminal proceedings against BSI in the biggest international crackdown on financial entities dealing with a scandal-hit Malaysian government fund.
The Swiss Cabinet agreed to implement from July 1 a law that lets the authorities seize and return funds that foreign leaders looted, even in cases that cannot be resolved through standard international requests for mutual legal assistance.
Switzerland has tightened money-laundering laws in recent years and requires financial institutions to enforce "know your customer" rules.
ZURICH • Switzerland will implement a new law in July to help seize and repatriate illicit wealth parked in its banks by foreign dictators, the government has said.
This issue was in the news again this week when the Monetary Authority of Singapore ordered the closure of Swiss private bank BSI's operations locally, and Swiss prosecutors began criminal proceedings against BSI in the biggest international crackdown on financial entities dealing with a scandal-hit Malaysian government fund.
The Swiss Cabinet agreed to implement from July 1 a law that lets the authorities seize and return funds that foreign leaders looted, even in cases that cannot be resolved through standard international requests for mutual legal assistance.
Switzerland has tightened money-laundering laws in recent years and requires financial institutions to enforce "know your customer" rules.
These also cover "politically exposed persons" encompassing leaders, ministers and military brass.
REUTERS
REUTERS
My comments again : Now that BSI Bank has been shut down, what has happened to the US940 million (RM3.8 BILLION) of our money that was invested as "units" with BSI Bank?
RM3.8 BILLION has just disappeared. There is no value in the "units". It is even doubtful if there was such a thing as "units" in the first place.
Husni Hanadzlah and Arul Kanda - you have been lying again. What "units"? Where are those "units"?
Bukan saja "units" sudah hilang, tapi the bank sudah tutup.
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