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Singapore Hands Out Toughest Sentence To Date Amid 1MDB Scandal

Josh O'Neill Reporter 23 December 2016

Singapore Hands Out Toughest Sentence To Date Amid 1MDB Scandal

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Former BSI wealth planner Yeo Jiawei, who was recently found guilty on four counts of perverting the course of justice, has been given a 30-month jail term, the longest sentence yet handed down by courts amid Singapore’s probes into Malaysia’s state-owned fund.

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

Yeo Jiawei - whose former colleagues Yak Yew Chee and Yvonne Seah were recently sentenced to imprisonment - was first arrested in March this year in connection with Singapore's largest money laundering probe linked to the 1MDB scandal.

Earlier this week, a court found the 33-year-old guilty on all four counts of perverting the course of justice for urging witnesses to lie to the police while he was out on bail.

The 34-year-old is now the third former BSI banker to be found guilty in the city-state’s 1MDB-related investigations.

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

Earlier this 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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