Trial Begins for Ex-BSI Banker

The trial of former BSI banker Yeo Jiawei commences today in Singapore. Yeo faces a total of 11 charges that include money laundering and tampering with witnesses.

The trial which will be closely watched in other wealth management hubs, is scheduled to last nine days. The charges Yeo faces carry serious consequences.  

If found guilty of money laundering, Yeo could be put in prison for up to 10 years. Obstructing investigations by tampering with a witness could also see him penalised with jail time for up to seven years.

1MDB Scandal

The 1Malaysia Development Berhad's (1MDB) probe has ensnared several domestic and foreign – mainly Swiss – banks in Singapore, including DBS, UBS, Standard Chartered, and Falcon Private Bank.

The Monetary Authority of Singapore closed down Falcon Private Bank, Singapore Branch. In addition the Singapore Branch Manager, Jens Sturzenegger, was arrested on 5 October.

More to Come?

Other former BSI Singapore personnel namely Yak Yew Chee and Yvonne Seah Yew Foong, were charged with seven offences each on Oct 10. 

Yak and Seah face forgery charges and are accused of «failing to disclose information on suspicious transactions to a Suspicious Transaction Reporting Officer.»

 

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