JP Morgan's money laundering has gotten so bad that Switzerland has installed a bank monitor in their Swiss unit in response to their assistance given to the looting of the Malaysian sovereign wealth fund.
Seriously, the Swiss be like, "We thought that we were hard core, but dayyyymmnnnn!"
Last month, we learned that JPMorgan Chase had managed the near-impossible and run afoul of Swiss banking laws, specifically Switzerland’s not-historically-robust anti-money-laundering rules. How bad was Dimon & co.’s transgression? The Swiss were initially awfully Swiss about things, simply letting the bank know it had “seriously infringed” upon their financial hospitality.It buggers the mind.
Yesterday, that prognosis was upgraded to “seriously breached.” So seriously that a traditional slap on the wrist will not do. No: The Swiss are gonna get all American up in here and install a monitor to make sure it doesn’t happen again, “it” being the gentle washing of “hundreds of millions of dollars” on behalf of the prime minister of Malaysia, who was in the process of allegedly draining that country’s sovereign wealth fund, 1MDB, of several billion dollars.
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