Malaysia 1MDB recovery / US FCPA enforcement / Philippines SEC crackdown

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Goldman Sachs’ Malaysian unit to be sentenced over 1MDB role.  “Goldman Sachs Group Inc will have 10 days to pay the remaining US$1.26 billion (RM5.2 billion) of a US$2.3 billion penalty for its role in the 1MDB fraud scheme after its Malaysian unit is sentenced”

Free Malaysia Today: https://www.freemalaysiatoday.com/category/nation/2021/06/09/goldman-sachs-malaysian-unit-to-be-sentenced-over-1mdb-role/ 

 

Biden Memorandum on Combating Corruption Likely Means Increased FCPA Enforcement.  ““[The] Biden Administration issued a Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest… [It portends] the likelihood of increased enforcement of the Foreign Corrupt Practices Act (FCPA) by the Biden Administration going forward, not only by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) operating with increased enforcement resources, but also with the coordinated assistance of other federal departments and agencies including the Departments of State,”

JD Supra: https://www.jdsupra.com/legalnews/biden-memorandum-on-combating-2557423/  

 

SEC targets financing, lending firms in dirty money crackdown.  “Some P11.5 billion worth of flagged transactions were assessed or a total 774 suspicious transactions from 2017 to 2019, some of which were found linked to illegal activities. Of the total, 4.9 percent was linked to the predicate crime of plunder, 2.5 percent to graft and corrupt practices,”

Iris Gonzales/The Philippine Star: https://www.philstar.com/business/2021/06/15/2105473/sec-targets-financing-lending-firms-dirty-money-crackdown

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