The former Swiss branch manager of Falcon Private Bank in Singapore was sentenced to a lengthy term in jail and a hefty fine after pleading guilty to six charges, including a failure to comply with the city-state's anti-money laundering regulations.
Jens Sturzenegger, 42, received a prison sentence of 28 weeks and a fine of S$128,000, according to a report by «The Straits Times» today. The prosecution had sought a prison term of 30 to 32 weeks and a fine of S$150,000.
The Swiss national is the first foreigner to be convicted in connection with the scandal surrounding the 1MDB state fund of Malaysia.
Lying to Police
Sturzenegger was charged on January 5 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 also was accused of lying to the police about his ties to Jho Low, the 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.
