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.

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.

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