Money laundering lurks amid small banks, funds

Malaysia’s prime minister, Najib Razak, has yet to explain how or why unnamed donors put $700 million into his personal accounts, including $630 million placed in his name at the Singapore branch of Switzerland-based Falcon Private Bank, according to the Wall Street Journal. The unorthodox transfers raise the possibility of money laundering, which experts say remains all too commonplace in Asia. And it is usually smaller financial institutions – private banks and hedge funds – tha…