Edmond de Rothschild fined €25m in Luxembourg over 1MDB sovereign wealth fund laundering

A Luxembourg court has ordered private bank Edmond de Rothschild (Europe) S.A. to pay €25 million (US$28.4 million) to settle criminal charges that it laundered money embezzled, mainly between 2009 and 2013, from Malaysia's 1MDB sovereign wealth fund, by, amongst others, the country's former prime minister Najib Razak.

A Luxembourg court has ordered private bank Edmond de Rothschild (Europe) S.A. (EdeR) to pay €25 million (US$28.4 million) to settle criminal charges that it laundered money embezzled, mainly between 2009 and 2013, from Malaysia's 1MDB sovereign wealth fund, by, amongst others, the country's former prime minister Najib Razak.