Goldman Sachs Subpoenaed For Connection To Global Corruption Ring

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The investigation focuses on compliance with the US Bank Secrecy Act, an act that requires domestic financial institutions to “assist U.S. government agencies to detect and prevent money laundering.”

Goldman is being investigated specifically regarding the $2.5 billion in profits it earned from 1MDB bond sales, which were “diverted from the fund to shell companies controlled by influential figures in Malaysia and Abu Dhabi,” reports the Wall Street Journal.

It isn’t just U.S. authorities looking into the matter. Singapore’s central bank stated Saturday that it too is investigating.

The investment bank has ties to 1MDB dating back to 2009 with some $6.5 billion in bond acquisitions over the course of the relationship.

Goldman says that it had “no visibility into whether some of those funds may have been subsequently diverted to other purposes.”

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