Compliance

Former BSI Private Banker To Appeal 30-Month Prison Sentence

Josh O'Neill Reporter 5 January 2017

Former BSI Private Banker To Appeal 30-Month Prison Sentence

The investment fund 1MDB is the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the US.

A former BSI private banker, who was recently handed the longest sentence to date by Singaporean authorities amid probes into Malaysia's state-owned fund, plans to appeal his conviction of 30 months in jail, according to media reports. 

Yeo Jiawei was last month found guilty on four counts of perverting the course of justice for urging witnesses to lie to the police while he was out on bail.

The investment fund 1MDB is currently the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the US. 

The 34-year-old – whose former colleagues Yak Yew Chee and Yvonne Seah were last year sentenced to imprisonment – was first arrested in March 2016 in connection with Singapore's largest money laundering probe linked to the 1MDB scandal. Among many revelations that came out during testimony at his trial was one that Jiawei had allegedly made $23.9 million in the space of 15 months. 

A separate trial, where Jiawei faces seven other charges including money laundering and cheating, is expected to begin in April.

Last year, BSI and Falcon Private Bank were both shut down in Singapore amid the country's biggest crackdown on alleged money laundering connected to 1MDB. 

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