Swiss banker becomes first foreigner charged in Singapore over 1MDB rort
Singapore last year jailed three ex-BSI bankers, seized assets and sanctioned several lenders in what it has called its most complex, sophisticated and largest money-laundering case
Singapore prosecutors on Thursday filed 16 charges against the former local branch manager of Swiss-based Falcon Private Bank AG as part of an ongoing investigation tied to scandal-hit state investment fund 1Malaysia Development Bhd (1MDB).
The bank, which is also under investigation at home, was the second Swiss lender whose Singaporean unit was ordered to cease operations last year after BSI Bank. The action came as the city state tried to repair the reputation of its financial centre which played host to some 1MDB-related activity.
1MDB, founded by Malaysia’s Prime Minister Najib Razak, is the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the US.
US investigators traced nearly US$700 million that was sent from an account at Falcon in Singapore in 2013 to accounts in Malaysia belonging to “Malaysian Official 1”, which US and Malaysian officials have confirmed refers to Najib.
Najib, who also chaired 1MDB’s advisory board, has denied wrongdoing and said Malaysia will cooperate with international investigations. 1MDB has also denied wrongdoing.
In Singapore on Thursday, prosecutors filed 10 charges of providing false information, five charges of failing to disclose suspicious information and one charge of failing to submit suspicious transactions against Swiss national Jens Sturzenegger, who headed Falcon’s local branch. Falcon is owned by Abu Dhabi’s International Petroleum Investment Co PJSC.