How much did Edmond de Rothschild bank pay in fines for its 1MDB role?

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Edmond de Rothschild Bank Fined €25 Million for 1MDB Role

Edmond de Rothschild bank was fined €25 million by a Luxembourg court for its involvement in the money-laundering scandal connected to the Malaysian wealth fund 1MDB. This marks the first instance of a Luxembourg banking institution being convicted in a money laundering case.
Luxembourg Court Imposes Fine
A court in Luxembourg levied a €25 million penalty on Edmond de Rothschild bank. This financial penalty stems from the bank's role in facilitating the diversion of funds from 1Malaysia Development Berhad (1MDB), a Malaysian state-owned investment fund.
Landmark Conviction in Money Laundering Case
The conviction of Edmond de Rothschild represents a significant development, as it is the first time a banking establishment based in Luxembourg has been found guilty in a money laundering proceeding. The court's decision addresses the bank's complicity in the intricate international financial flows that moved money away from the 1MDB fund.
Role in Diversion of Funds
The scandal involved dozens of accounts at the Luxembourg branch of the Swiss-based Edmond de Rothschild bank. These accounts, opened by an Emirati national through various companies, were utilized to divert substantial sums originating from 1MDB. Investigations initiated in Luxembourg in 2016 revealed that funds from 1MDB were ultimately channelled into these accounts via complex international transactions, which included passage through Caribbean tax havens.

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How much did Edmond de Rothschild bank pay in fines for its 1MDB role?

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