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10/22/2020, 8:10 PM (Source: TeleTrader)
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UK FCA fines Goldman £96.6M over 1MDB scandal

The United Kingdom Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) said on Thursday they decided to fine Goldman Sachs International (GSI) £96.6 million over the lender's involvement in the 1Malaysia Development Berhad (1MDB) scandal.

"Firms have a crucial role to play in tackling financial crime, and in helping to maintain the integrity of the financial system. GSI’s failure to take appropriate action, in this case, shows that it did not take this responsibility seriously," FCA Executive Director of Enforcement and Market Oversight Mark Steward stated. "There is no amnesty for firms that tackle financial crime poorly, and the size of GSI’s fine reflects that," he added.

Earlier, Goldman reached a $3.9 billion settlement with Malaysian authorities to settle the scandal about its actions concerning the investment fund, while reports emerged the bank is set to plead guilty in the United States as well and settle for $2.8 billion.

Breaking the News / NP