UBS, Switzerland's largest bank, is facing money-laundering allegations following the disclosure of a series of documents linking Malaysian top politicians to secret UBS bank accounts in Hong Kong and Zurich.
According to Malaysian media reports, the Malaysian Anti Corruption Commission (MACC) and Hong Kong’s Independent Commission Against Corruption (ICAC) have been tracing the flow of over USD90 million through UBS bank accounts in Hong Kong, which are alleged to be kickbacks for the illegal logging of tropical hardwoods in the Malaysian state of Sabah in Borneo, one of the world’s most biodiverse habitats.