The former Swiss branch manager of Falcon Private Bank in Singapore has been jailed after pleading guilty to six charges in connection with the 1MDB scandal.
Jens Sturzenegger, 42, pleaded guilty to six counts including conniving in the bank's failure to comply with anti-money laundering regulation in Singapore, «The Straits Times» reported today.
He was then sentenced to 28 weeks jail and fined a total of $128,000 after he pleaded guilty to six counts including consenting in the bank's failure to comply with Singapore's anti-money laundering rules in relation to the plagued Malaysian fund, 1Malaysia Development Berhad (1MDB).
The Swiss national was the first foreigner to be charged and jailed in connection with the scandal surrounding the 1MDB state fund. The prosecution had wanted a higher sentence of to 30 to 32 weeks imprisonment.
Links to Jho Low Denied
Sturzenegger on January 5 was charged with 16 counts including the failure to report suspicious transactions in connection with the inflow of $1.265 billion into two accounts in March 2013.
The Swiss was also accused of lying to the police about his ties to Jho Low, a businessman at the centre of the scandal. Sturzenegger was arrested on October 5 and subsequently was freed on bail.
The Singapore regulator in October 2016 ordered the closure of Falcon Bank in the country, the second Swiss bank after BSI to be told to cease operating in the city-state.
