Singapore prosecutors on Thursday filed 16 charges against the local branch manager of Swiss-based Falcon Private Bank AG, as part of an ongoing investigation tied to scandal-hit state investment fund 1Malaysia Development Bhd (1MDB).
The bank, which is also under investigation at home, was the second Swiss lender whose Singaporean unit was ordered to cease operations last year after BSI Bank Ltd.
The action came as the city-state tried to repair the reputation of its financial centre which played host to some 1MDB-related activity.
1MDB, founded by Malaysia's Prime Minister Najib Razak, is the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the United States.
U.S. investigators traced nearly $700 million that was sent from an account at Falcon in Singapore in 2013 to accounts in Malaysia belonging to "Malaysian Official 1", which U.S. and Malaysian officials have told Reuters refers to Najib.
Najib, who also chaired 1MDB's advisory board, has denied wrongdoing and said Malaysia will cooperate with international investigations.
1MDB has also denied wrongdoing.
In Singapore on Thursday, prosecutors filed 10 charges of providing false information, five charges of failing to disclose suspicious information and one charge of failing to submit suspicious transactions against Swiss national Jens Sturzenegger, who headed Falcon's local branch.
Falcon is owned by Abu Dhabi's International Petroleum Investment Co PJSC.
The charge sheet states Sturzenegger, who was arrested in October, gave false information to officials at the Monetary Authority of Singapore and Singapore Police Force's Commercial Affairs Department.
In one instance, Sturzenegger said he became aware of Malaysian financier Low Taek Jho through press articles though he knew him "in person", the charge sheet showed.
Singapore authorities previously identified the financier, commonly known as Jho Low, as a person of interest in 1MDB-related investigations.
Low is also named in civil lawsuits filed by the U.S. Department of Justice, which allege more than $3.5 billion was misappropriated from 1MDB.
Authorities in Singapore have frozen Low's assets though the 34-year-old has not been charged with any offence related to 1MDB.
Reuters could not reach Low for comment.
Falcon's Sturzenegger intends to plead guilty at a hearing on Jan. 11, his lawyer Tan Hee Joek from Tan See Swan & Co told the court.
It was not immediately clear on which charges he would plead guilty.
Singapore last year jailed three ex-BSI bankers, seized assets and sanctioned several lenders in what it has called its most complex, sophisticated and largest money-laundering case.
Reuters
Thu Jan 05 2017
REUTERS/Olivia Harris/Files
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.