MLex: Rothschild becomes first Luxembourg bank convicted of laundering $472.5m linked to the 1MDB scandal.

The conviction relates to the infamous 1MDB scandal, in which billions were misappropriated from Malaysia’s sovereign wealth fund, with approximately €433.7 m passing through the bank’s accounts. The court-approved €25 m settlement reflects not only the bank’s failure to adequately verify the source of these illicit funds but also the growing willingness of European authorities to hold financial institutions criminally accountable for historic…