Manager charged with failing to report suspicious transactions

Swiss national Jens Fred Sturzenegger, the branch manager for Falcon Private Bank in Singapore, has been charged with failing to report suspicious transactions and giving false information to authorities in connection with the scandal-plagued 1MDB Malaysian state wealth fund.

1MDB is currently under investigation in several countries after allegations arose that it was used to transfer state funds to the private accounts of Prime Minister Najib Razak and his close associates.

Singapore accuses Sturzenegger of helping hide the suspicious transaction involving US$1.265 billion into two Falcon bank accounts in March 2013. Sturzenegger, 42, is also accused of deliberately presenting false information to the Singapore Monetary Authority in a query regarding the ongoing probe.

Sturzenegger’s lawyers said the accused will plead guilty, Channel News Asia reported.