Investment Funds

A Malaysian court on Tuesday ordered jailed former Prime Minister Najib Razak to pay $1.3 billion to SRC International, a former unit of scandal-linked state fund 1MDB, after finding him liable for losses incurred by the company.

The trial of Russian businessman Dmitry Klyuev, accused by French prosecutors of laundering proceeds of the $230 million Magnitsky Affair fraud through luxury purchases in France, opened in Paris on Monday. 

The U.S. Securities and Exchange Commission (SEC) said on Monday that Judge Margaret Ryan has stepped down as director of its Division of Enforcement after little more than six months on the job. 

Singapore’s financial regulator has warned fund managers that a popular low-tax investment structure introduced to attract offshore capital could be exploited for money laundering.

Hong Kong authorities have arrested eight people in their biggest coordinated market misconduct raids since 2017, as regulators investigate an alleged HK$315 million ($40 million) insider dealing and corruption scheme involving two major brokerages and a hedge fund manager.

A Brazilian Senate decision to strip bank- and tax-secrecy protections from President Luiz Inácio Lula da Silva’s son has intensified political pressure on the leftist leader as lawmakers investigate an alleged fraud scheme inside the national pension system.

The Basel Committee on Banking Supervision is warning that a fast-growing market for banks to offload credit risk to private investment funds needs close monitoring because it is creating new vulnerabilities for the global financial system.