Standard Chartered Plc is being sued for $2.7 billion by liquidators claiming it facilitated the laundering of funds from the 1MDB scandal. The lawsuit, initiated in Singapore, alleges that the bank allowed over 100 intrabank transfers from 2009 to 2013, which obscured the flow of stolen money. The claimants report losses exceeding $2.7 billion and additional public fund losses. Standard Chartered rejects these claims, stating it had reported suspicious activities related to the 1MDB companies and cooperated with investigations. Previous fines were imposed by Singapore authorities for related anti-money laundering violations.
Standard Chartered Plc is facing a $2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysian sovereign wealth fund 1MDB.
The claimants allege that Standard Chartered Bank permitted more than 100 intrabank transfers between 2009 and 2013 that helped to conceal the flow of stolen funds.
The 1MDB scandal was one of the biggest financial frauds in history, with stolen funds estimated to have exceeded $4 billion.
Singapore authorities imposed a S$5.2 million fine against Standard Chartered in 2016 for anti-money laundering breaches related to the case.
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