Luxembourg court fines bank €25m over 1MDB-linked money laundering
A Luxembourg court has ordered private bank Edmond de Rothschild Europe to pay a €25 million (RM120 million) fine in a landmark criminal settlement over money laundering and concealment charges related to 1MDB.
Luxembourg Times reported that the court's ruling marks a historic moment, as it is the first time a banking institution in the country has been convicted of money laundering.
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