The new year has been a bumpy one for Malaysia, with the international multi billion dollar 1MDB kleptocratic money-laundering scandal continuing to make waves and headlines worldwide.

The Australian Federal Police has announced that they are working with international law enforcement agencies to investigate companies associated with the 1MDB scandal – joining at least half a dozen countries, including Switzerland, Singapore and the United States, which have initiated criminal or legal actions concerning the international 1MDB money-laundering scandal.

In Singapore, the fourth banker had been convicted by Singaporean courts in relation to 1MDB-related accounts – Jens Fred Sturzenegger, a Swiss national and branch manager of the Falcon Private Bank in Singapore who pleaded guilty to six charges related to Singapore’s probe on 1MDB.

Sturzeneggar was sentenced to 28 weeks jail and fined S$128,000.

Falcon Private Bank is owned by Abu Dhabi’s International Investment Company (Ipic) and its Singapore operations was shut down by Monetary Authority of Singapore (MAS) in October last year for failing to fulfil anti-money laundering controls and improper conduct by the bank’s senior management.

Singaporean prosecutors had told the court Malaysian businessman Jho Low had control over four accounts with the bank.

According to Channel News Asia, Sturzenegger pleaded guilty to charges of failing to report potentially criminal transactions involving billions of dollars and for lying to authorities to protect Low’s financial interest.

He was also charged for lying to MAS officers to distract them from probing bank accounts controlled by Low by claiming that the accounts were “beneficially owned” by Eric Tan Kim Loong, a known associate of Low’s.

Sturzenegger was said to have lied to investigators about never having made contact with Low. Read the rest of this entry »