12
Jul
17

Singapore Banker Admits Money Laundering in 1MDB-Linked Case – Bloomberg

Singapore Banker Admits Money Laundering in 1MDB-Linked Case

  • Yeo Jiawei given 54-month jail sentence, longest in probe
  • He also agreed to help prosecutors with the investigation

Yeo Jiawei, a former banker serving the longest jail term in Singapore’s probes linked to 1Malaysia Development Bhd., admitted to charges including money laundering.

Yeo, who also pleaded guilty Wednesday to cheating his former employer, agreed to help with Singapore’s money-laundering investigation, which prosecutors described as the largest in the country’s history. He was sentenced to 54 months in jail by a Singapore state court. The former BSI SA wealth planner was handed a 30-month term in December on charges of trying to tamper with witnesses in the probe.

Principal District Judge Ong Hian Sun said on Wednesday that the courts must take an “uncompromising stance” to safeguard the integrity of Singapore’s financial system.

Yeo’s admission of guilt came after the Monetary Authority of Singapore wrapped up a two-year probe into flows related to the Malaysian investment fund. Prosecutors named him as a central figure linked to Malaysian financier Low Taek Jho, who was identified by Singapore police as a “key person of interest” in their probe. Low has also been characterized by U.S. investigators as the controller of a plan to drain billions from 1MDB.

The Malaysian fund, at the heart of several money laundering and corruption probes across the globe, has consistently denied any wrongdoing. Low has previously described his role with 1MDB as informal consulting that didn’t break any laws.

Yeo had referred to Low as “boss” and spent at least one night at his house, according to earlier court proceedings. Yeo previously said it was a misunderstanding that he worked for Low.
The most important market news of the day.

Singapore has imposed a total of S$29.1 million ($21 million) in penalties on eight banks as part of its 1MDB probes. Credit Suisse Group AG and United Overseas Bank Ltd. were among the firms that paid penalties, while BSI and Falcon Private Bank Ltd. were also ordered to shut their local operations. Five people, including Yeo, have been convicted in Singapore, the only country so far to have criminally charged bankers.

…more
Singapore Banker Admits Money Laundering in 1MDB-Linked Case
By Andrea Tan
and Chanyaporn Chanjaroen
July 12, 2017 – Bloomberg

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