1MDB scandal shows there's no room for complacency, even in Singapore

OF at least 10 jurisdictions in the world that are investigating the flow of funds stolen from 1Malaysia Development Berhad (1MDB), Singapore is the first - and so far, the only - country that has convicted several facilitators of this scandal that reportedly runs into billions of dollars.

The others that have launched investigations into Malaysia's troubled state-owned firm include the US, UK, Switzerland, Hong Kong and Luxembourg. Since April last year when Yeo Jiawei, a former private banker from BSI Singapore was the first to be charged in relation to Singapore's probe into 1MDB monies, he and four others have been convicted here.

Yeo faced the longest sentence with a 30-month imprisonment while the highest fine of S$128,000 was meted out to Falcon Bank's ex-manager Jens Sturzenegger who was also sentenced to 28 weeks' jail. Four individuals, including Goldman Sachs' ex-star banker Tim Leissner who used to be based in Singapore, have been banned from the city state's capital markets for 10 years to a lifetime. Three others have been notified by the Monetary Authority of Singapore (MAS) of its intention to issue Prohibition Orders (POs) against them, ranging from three to six years.