Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

The Swiss Tackle International Corruption

Tom Fox | February 1, 2016

You know things are progressing in the world of anti-corruption enforcement when the Swiss are bringing up matters for international scrutiny. Last week the Swiss government announced that it had found improprieties in the conduct of the Malaysian government’s sovereign wealth fund, 1Malyasia Development Berhad or 1MBD for short. What was most remarkable was the timing of the announcement as the Malaysian government announced it had found nothing untowards and was closing down its inquiry the previous week.

The problem for the government of Malaysia is that the sovereign wealth fund is headed by the country’s Prime Minister, who had over $700 million deposited in a personal account. The source of the money has been questioned. The PM said this money was a personal gift from prior King of Saudi Arabia, who is now deceased. The PM further claimed he had returned all but $60 million of the donation. Most interestingly the government of Saudi Arabia said it had no record of any...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.