GOLDMAN REPORTEDLY SCRUTINIZED BY SINGAPORE IN MONEY LAUNDERING PROBE

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November 3 2017

Singaporean prosecutors and police are examining Goldman Sachs’s relationship with the Malaysian state investment fund 1MDB, Bloomberg reported. Singapore’s Commercial Affairs Department, the police’s economic crime unit, and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Bhd and at the same time are looking into the firm’s links with Malaysian financier Low Taek Jho, who the US has alleged controlled a plot to siphon billions of dollars from the bond proceeds Bloomberg said, citing anonymous sources familiar with the matter.

1MDB, founded by Malaysian Prime Minister Najib Razak, is facing money laundering probes in at least six countries including the US, Switzerland and Singapore.  Sources are quoted as saying that while current and former Goldman Sachs employees are part of a criminal probe into fund flows related to 1MDB, the bank itself isn’t the focus of the investigation.