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Wednesday, October 12, 2016
Singapore charges 2 former BSI bankers in 1MDB probe
Latest: Corruption and Money Laundering.
Singapore charges 2 former BSI bankers in 1MDB probe
Filing of charges is latest development in series of global investigations into Malaysian fund.
News of the charges followed after the Singapore authorities vowed tocrack down on money laundering, after probing regulatory breaches at banks connected with1MDB.
BSI, a 140-year-old private bank, was effectively shut down earlier this year by the Swiss regulator, which ordered that it be dissolved once it was taken over by its rival EFG International, as a result of a “serious breach” of regulations.
On Monday, Singapore’s attorney-general said it had filed seven charges each against former BSI staff members Yak Yew Chee and Yvonne Seah Yew Foong, most relating to accounts held by Jho Low, a Malaysian financier with close ties to 1MDB. Three of the charges concern forgery and four relate to a failure to disclose possible suspicious transactions.
Singapore’s move is the latest development in a series of investigations into the activities of 1MDB, spanning at least six countries.
Singapore has charged two former employees of Swiss private bank BSI with criminal offences including forgery, as part of an investigation into transactions linked to 1MDB, the embattled investment fund set up by Malaysian prime minister Najib Razak.
Both Mr Yak and Ms Seah were senior private bankers with BSI. Mr Yak managed accounts for 1MDB. The charges filed by the Singaporean police claimed that both bankers had provided services for Mr Low.
In August, Mr Low was named in a 136-page civil forfeiture complaint filed by the US Department of Justice as a figure at the centre of an alleged money laundering scheme that diverted more than $3bn from the Malaysian government.
Singapore’s accusations against Mr Yak and Ms Seah follow money laundering charges laid in April against Yeo Jiawei, another former BSI employee.
Investigations also led to the arrest of former Abu Dhabi finance official Khadem al-Qubaisi in August.
Mr Qubaisi was detained in the emirate after US authorities alleged he received hundreds of millions of dollars looted from business dealings between 1MDB and Abu Dhabi’s International Petroleum Investment Company, which he headed until his sudden departure last year.
Claims that at least $4bn have been looted from 1MDB have rocked the government of Mr Najib, who was a former chairman of the fund’s advisory board. Mr Najib has been personally embroiled in the scandal since it was revealed last year that he received $681m into his personal bank account in 2013.
He has denied any wrongdoing and has said the money was not related to 1MDB. 1MDB has also denied wrongdoing and Malaysian authorities have said they will co-operate with lawful investigations.
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