Swiss financial body FINMA discontinues 1MDB investigation into UBS

(Reuters) – Swiss financial body FINMA said yesterday it had discontinued its investigation into UBS Group AG in connection with Malaysia’s scandal-tainted 1MDB fund.

“FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand,” FINMA said in a statement following its annual media conference.

In October, UBS was fined S$1.3 million (RM4.11 million) by Singapore’s central bank for breaches in Singapore’s anti-money laundering law.