[Al Ahram] Swiss financial regulators approved Tuesday the dissolution of Lugano-based BSI Bank over its links to a corruption scandal engulfing Malaysia's Prime Minister Najib Razak.Swiss supervisor FINMA accused BSI, a merchant bank, of "serious breaches" of money-laundering regulations in its dealings with the Malaysian sovereign wealth fund 1MDB, which is at the heart of the corruption allegations.
In the toughest punitive action yet announced in the affair, FINMA said in a statement it was approving the takeover of the merchant bank by Zurich-based private banking group
EFG International on the condition that BSI is integrated "and thereafter dissolved" within 12 months.