Singaporean court convicts private banker in 1MDB money laundering case

Reading Time:2 minutes

Yvonne Seah (left) became the second person to be convicted in Singapore’s probe into alleged money laundering linked to 1Malaysia Development Bhd. Photo: AFP

Published: 4:16pm, 16 Dec 2016Updated: 10:29pm, 16 Dec 2016

Yvonne Seah Yew Foong, a former BSI SA private banker, became the second person to be convicted in Singapore’s probe into alleged money laundering linked to 1Malaysia Development Bhd.

Judge Salina Ishak found Seah guilty of three charges in a Singapore state court on Friday for aiding in forging documents and failing to report suspicious transactions allegedly related to Malaysian financier Low Taek Jho. Prosecutors are taking into account four other charges in seeking a two-week jail sentence for Seah, 45, while her lawyer Peter Low asked for a fine.

Imposing a fine for the “well-heeled” like Seah isn’t a sufficient deterrent, prosecutor Nathaniel Khng said in seeking the prison term. Seah’s conduct had harmed Singapore’s reputation, he said.

Seah’s supervisor Yak Yew Chee is serving an 18-week jail term after being convicted November for similar offences. BSI was ordered in May to shut after authorities found serious anti-money laundering breaches. The Malaysian Low, also known as Jho Low, has been identified by Singapore authorities as a key person of interest in its 1MDB-linked probe and previously described his work with 1MDB as informal consulting work that didn’t break any laws.

Efforts to reach Low haven’t been successful. Both 1MDB and Malaysian Prime Minister Najib Razak, who formerly chaired 1MDB’s advisory board, have consistently denied any wrongdoing.