Singapore Jails Second BSI Private Banker Amid 1MDB Scandal

Josh O'Neill

19 December 2016

A Singapore court has sentenced a second BSI private banker to prison amid the city-state's ongoing investigation into an alleged multibillion-dollar money laundering scheme at Malaysia's state-owned fund.

Yvonne Seah - whose former boss, Yak Yew Chee, was sentenced to 18 week imprisonment last month over similar charges - last week week pleaded guilty to two charges or forgery and one charge of failing to report a suspicious transaction.

She was sentenced to two weeks imprisonment and slapped with a fine of S$10,000 ($6,930). One additional forgery charge and three additional charges of failing to report suspicious transactions were also taken into consideration by in sentencing but not pursued independently by the prosecution team.

Seah will join Chee, who is now expected to assist in financial watchdogs' investigations, in prison for their roles in managing accounts for the 1MDB fund at the Singapore branch of Swiss bank BSI. The fund is currently the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the US.

Earlier this year, BSI and Falcon Bank were both kicked out of Singapore amid the country's biggest crackdown on alleged money laundering connected to 1MDB. The matter has also seen authorities in Switzerland, the US and Luxembourg become involved in investigations.