Falcon Private Bank Banned From Acquiring New Singapore Business-Report

Falcon Private Bank, 1MDB, Khadem al-Qubaisi

Falcon private banking unit head Erich Pfister (left) and CEO Eduardo Leemann (right) in a file photo

Swiss Falcon Private Bank has been banned from taking new money in Singapore due to its dealings with scandal-hit Malaysian state fund 1MDB, according to a media report.

Singapore’s regulator has sanctioned Zurich-based Falcon Private Bank, Swiss business newspaper «Finanz und Wirtschaft» (in German) reported overnight, without disclosing how it came to the information.

A spokesman for Falcon didn’t respond to requests for comment. A spokeswoman for MAS said to finews.asia the regulator doesn't comment on supervisory dealings of banks as a matter of policy. 

Falcon is one of a handful of banks including UBS which were named and shamed last month for their involvement with 1MDB.

Falcon Named and Shamed

The move comes shortly as Swiss authorities home in on former Falcon chairman Khadem al-Qubaisi, according to the «Financial Times» und other media. Al-Qubaisi is the former head of Abu Dhabi's International Petroleum Investment Company, or IPIC.

1MDB was set up in 2009 to foster economic development. U.S. and officials in other countries believe billions in state money were pilfered from the Malaysian fund for private use, via a complicated web of offshore accounts.

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