Posted inRegulation

Singapore charges Falcon PB official

Swiss national Jens Sturzengger has become the first westerner to be charged by a Singapore court as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.

The former Singapore branch manager of Falcon Private Bank, who was charged with 16 offences, is expected to plead guilty to some of the counts on 11 January, lawyer Tan Hee Joek of law firm of Tan See Swan & Co, told the Strait Times on 5 January.  

Sturzengger is the fifth person to be charged in Singapore in relation to the probes into 1MDB and he was released on bail of S$80,000 ($55,883).

He is mainly accused of lying to authorities by denying that several Falcon bank accounts were linked to Taek Jho Low, a well-known Malaysian businessman.

In October last year, Falcon Bank became the second bank to be closed down by Singapore regulators over 1MDB connections, after BSI in May.

In December last year, former BSI banker Yeo Jaiwei was found guilty of four charges of witness tampering over the 1MDB case.

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