Goldman Sachs to Pay Record Penalty of 2.9 Billion for Violating U.S. Anti-Corruption Law

By  //  October 23, 2020

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Under the deal, Goldman’s parent company avoided a guilty plea in the United States

Goldman Sachs agreed to pay more than $2.9 billion to regulators around the world, including a record penalty for violating a U.S. anti-corruption law, to resolve probes into its role in an international finance scandal, authorities announced Thursday.

(CNBC.com) – Goldman Sachs agreed to pay more than $2.9 billion to regulators around the world, including a record penalty for violating a U.S. anti-corruption law, to resolve probes into its role in an international finance scandal, authorities announced Thursday.

Under the deal, Goldman’s parent company avoided a guilty plea in the United States.

The sum includes about $600 million in fee disgorgement that was included in an earlier settlement with the Malaysian government.

The $2.9 billion includes individual deals with regulators in the U.S., the U.K., Singapore and elsewhere, the U.S. Justice Department said. Separately, Hong Kong fined the bank a record $350 million for its part in the episode, and most of that figure is excluded from the $2.9 billion total.

The bank’s parent company entered a deferred prosecution agreement with the DOJ that should allow it to avoid having to exit certain business operations.

Earlier Thursday, the bank’s Malaysian subsidiary formally pleaded guilty for its role in the 1MDB debacle, admitting to one count of conspiracy to violate the Foreign Corrupt Practices Act.

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