U.S. DOJ Asked Banks For Details About Malaysia’s 1MDB Dealings

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Mani
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Malaysia's 1MDB spreads

U.S. authorities asked JPMorgan Chase, Deutsche Bank and Wells Fargo to furnish details of their dealings with Malaysian state investor 1Malaysia Development Berhad (1MDB), as global authorities widen their probes into the troubled state fund. Earlier, Monetary Authority of Singapore also sought details from financial institutions as part of its probe into possible money laundering there. U.S. officials examining money flows connected with 1MDB 1MDB was established by Malaysian prime minister Najib Razak to support long-term economic development in the country. However, the state fund has been subject to an investigation for misappropriation of some $700 million of the funds. 1MDB has…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports