Singapore starts trial of ex-banker linked to 1MDB Fund

Singapore has begun the trial of a former private banker charged with money laundering and other offenses in connection with the indebted Malaysian state fund 1MDB.

Yeo Jiawei, a former wealth planner at Swiss private bank BSI, is facing 11 charges for allegedly obstructing the course of justice, money laundering, cheating, and forgery.

BSI was closed down in May due to serious breaches of anti-money laundering requirements, among other problems.

Investigators in Singapore, Switzerland, Hong Kong and the U.S. have been probing allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from 1MDB, or 1Malaysia Development Bhd.

In February, Singapore authorities said they had "seized a large number of bank accounts" in relation to the probe, which began in mid-2015.