Singapore prosecutors on Thursday filed 16 charges against the former local branch manager of Swiss-based Falcon Private Bank as part of an ongoing investigation tied to scandal-hit state investment fund 1Malaysia Development Bhd. (1MDB).
The bank, which is also under investigation at home, was the second Swiss lender whose Singaporean unit was ordered to cease operations last year after BSI Bank. The action came as the city-state tried to repair the reputation of its financial center which played host to some 1MDB-related activity.
U.S. investigators traced nearly $700 million that was sent from an account at Falcon in Singapore in 2013 to accounts in Malaysia belonging to "Malaysian Official 1", which U.S. and Malaysian officials have told Reuters refers to Najib.
Najib, who also chaired 1MDB's advisory board, has denied wrongdoing and said Malaysia will cooperate with international investigations. 1MDB has also denied wrongdoing.