In the course of assisting 1MDB, Swampillai and Yeo channelled a portion of the fund management fees to an entity beneficially owned by Swampillai. “In total, Swampillai received about US$5 million in secret profits at the expense of and without the knowledge of BSIS,” the MAS said. “Swampillai’s actions have given MAS reason to believe that he will not carry out regulated activities honestly,” the authority said. He had set up multiple suspicious transactions involving 1MDB and admitted he secretly profited at least US$3.5 million from the illicit transactions. He laundered a portion of the money by transferring at least US$500,000 into his parents' bank account.

Source: The Standard October 23, 2020 04:52 UTC