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UK regulator urged to take action against RBS, StanChart in 1MDB fraud case

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UK regulator urged to take action against RBS, StanChart in 1MDB fraud case

An anti-corruption campaign group and a U.K. MP have urged the Financial Conduct Authority to take action against Royal Bank of Scotland Group Plc and Standard Chartered Plc over their role in the 1Malaysia Development Bhd. corruption scandal.

The Global Witness group and Margaret Hodge have written to the regulator to investigate the role of the two banks in handling more than $2 billion of embezzled funds. The scandal involved funds allegedly being diverted to the accounts of Malaysian Prime Minister Najib Razak.

"The FCA must also explain its apparent inaction over this case, when other countries completed their investigations over a year ago," Hodge said, according to a March 12 statement.