Mauritius – whatever happened to the money laundering investigation into CBC and its CEO
21/10/2022
Century Banking Corp’s (CBC) banking licence was revoked by the Bank of Mauritius (BoM) on Aug 24 after investigations revealed “significant illicit transfers” of funds linked to 1Malaysia Development Bhd (1MDB).
In a statement, the BoM said the bank’s licence was taken away after it
- “failed to remedy several breaches of the banking laws relating to capital requirement, internal control systems, compliance with anti-money laundering and combating the financing of terrorism requirements and record-keeping obligations” even after repeated warnings.
However, Mauritian publication Le Defi, citing sources, said the revocation was also partly due to the conviction of former prime minister Datuk Seri Najib Razak in late July, who was found guilty of all seven counts of abuse of power, criminal breach of trust (CBT) and money laundering in the SRC International Sdn Bhd case [SRC is a former subsidiary of 1MDB].
The report said Mauritius’ Independent Commission Against Corruption (ICAC) and the US Federal Bureau of Investigation (FBI) found
- That several million rupees believed to have come from the defrauding of the wealth fund had passed through CBC accounts belonging to an “ultimate beneficiary” who had taken refuge in Thailand.
According to the report, the chief executive officer (CEO) of CBC will be questioned about:
- Allegations of money laundering, as well as millions of dollars moved through the bank
Since this news nothing has been reported but one has to ask whatever happened to the money laundering investigation into CBC and its CEO
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.