Islamic Bank In Mauritius Loses Licence Over 1mdb Link

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FBI investigations showed there were significant illegal transfers made through Century Banking Corporation. (Facebook pic)PETALING JAYA: Mauritius’ first Islamic bank was reported to have had its license revoked by the country’s central bank after FBI investigations pointed to links to money laundering involving 1MDB funds
Local newspapers in Mauritius say the Century Banking Corporation (CBC) had its licence revoked by the Bank of Mauritius (BOM) because of links to the scandal involving the state investment arm
Citing sources, local media Le Defi, said the bank was found to be “partially linked to the mega-scandal in Malaysia following the conviction of Najib Razak”
In July the former prime minister was found guilty of all seven counts of corruption in connection with RM42 million belonging to former 1MDB unit SRC International
On Monday, BOM revoked Century Bank’s licence with immediate effect
It said CBC did not rectify several infractions to the banking laws of the country relating to capital requirements, internal control systems, compliance with anti-money laundering and anti-terrorist financing requirements, and record-keeping obligations
The paper said an investigation by the Mauritian anti-corruption agency, ICAC, and the FBI showed there were significant illegal transfers of funds through the bank
It noted that a large amount of money had also passed through accounts belonging to the “ultimate beneficiary” whom they said had taken refuge in Thailand
The paper also reported that the CEO of Century Banking will be questioned over the cases of allegations of money laundering from 1MDB
“The anti-corruption agency will query him on the transactions involving several million dollars from 1MDB at the bank,” the report said. - FMT

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