Coutts & Co was one of several banks embroiled in the 1MDB scandal that came under investigation from Swiss prosecutors.
A, 52, was the designated money laundering reporting officer for Coutts, according to the indictment. Low established a Seychelles-registered company Good Star in May 2009 and opened an account at Coutts’ Singapore branch less than a month later, prosecutors said in the indictment. 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:That unusual request prompted internal inquiries, prosecutors said.
For this and other compliance lapses, the prosecutors write, “the culpability of the accused A weighs heavily”.By 2010, Coutts employees had begun to feel nervous about having Good Star and Low as a client. “I feel very uncomfortable with this guy and the transactions that are going through the account,” a Coutts client adviser in Singapore wrote in an email cited in the indictment. “I think the management has to make a decision whether to keep this relationship.
Anyone else disgusted that NajibRazak and Fat Low used Malaysians money like their own, paying off whomever they leased and doing whatever the wish to ensure they get the biggest share of the pie?
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