11 Nov 2016
A former senior BSI Bank vice president was jailed on Friday for 18 weeks by a Singapore court, for forgery and failure to disclose suspicious transactions as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.
Yak Yew Chee, who worked as a senior vice president at BSI Singapore, was also a private banker for Malaysian businessman Low Taek Jho. Yak pleaded guilty to four of seven charges at Singapore’s state court, and he was also fined S$24,000 (£13,497, €15,677), Reuters reported.
Two charges related to forging reference letters vouching for the Low family and two to turning a blind eye to hefty sums – allegedly proceeds from criminal conduct – coursing through BSI bank in Singapore.
Yak is now expected to assist the ongoing 1MDB money laundering investigation.
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