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The U.S. Justice Department announced Thursday (November 1) a three-count criminal indictment charging two individuals in a conspiracy to launder billions of dollars embezzled from 1Malaysia Development Berhad (1MDB), the investment development fund.
The Department of Justice also charged the two with conspiring to violate the Foreign Corrupt Practice Act (FCPA) by paying bribes to Malaysian and Abu Dhabi officials. Charged are Low Taek Jho, 36, also known as “Jho Low,” and Ng Chong Hwa, 51, also known as “Roger Ng,” the Justice Department said in a press release announcing the charges. Ng is also charged with conspiring to violate the FCPA by circumventing the internal accounting controls of a major New York-headquartered financial institution, which underwrote
Read full article » https://www.pymnts.com/news/security-and-risk/2018/1mdb-fund-scheme-doj-malaysia-money-laundering/
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