The Federal Criminal Court Appeals Court has acquitted Falcon Private Bank and its former CEO accused in the case of the Malaysian sovereign wealth fund 1MDB.

The regulatory authorities in Singapore ordered the closure of Falcon Private Bank on Tuesday, 11 October 2016, due to allegations of inadequate transfer controls and inappropriate conduct related to 1MDB, an indebted Malaysian state investment fund.

The Federal Criminal Court Appeals Court has acquitted the former CEO of Falcon Private Bank as well as the bank itself. In this trial, the Federal Public Prosecutor's Office (MPC) requested suspended sentences of 21 months and 90 days' fines against the banker. He held him guilty of qualified money laundering.