Want to learn the latest in best practices against financial crimes? Download out free report for exclusive AML insights.

Banking Sector Financial Crime News

All that glitters is not Gold(man)

OPINION: On 28 July 2020, Najib Razak the ex-Malaysian Prime Minister was convicted of all seven charges in the multi-billion dollar 1MDB scandal and received a 12-year jail sentence and a hefty £39 million fine.  The US Justice Department believes that more than £3.5 billion was stolen from the 1MDB fund, considerably more than the £540 million that landed in Najib’s bank accounts.

A week earlier than Najib’s conviction, the US Justice Department reached a £3.1 billion Goldman Sachs for its role in underwriting and arranging bond sales for the wealth fund totalling $6.5 billion.  The settlement was in return for Malaysia dropping criminal charges against the investment bank.

The Malaysian Finance Ministry is reported to have returned more than $4.5 billion to the people of Malaysia.  The country got their money back, the greedy Prime Minister with his fingers in the till got jailed and the bankers escaped any chance of criminal convictions – justice of sorts.

Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.

Posted in , ,
Insights / Blog / General

Understanding the Financial Crime Risk Across Your Group of Businesses

October 13, 2021
Insights / Blog / General

Times They are A-Changing – and So Should Your Business Risk Assessment

Insights / Blog / News

EU Update – July 2021

Insights / Blog / News

News in Brief – July 2021

Insights / Blog / General

Customer Insights – July 2021

Insights / Blog / News

News in Brief – June 2021

Insights / Blog / News

EU Update – June 2021

Insights / Blog / General

Customer Insights – June 2021