Goldman Sachs 1MDB settlement: a meaningful punishment for major financial crimes? ...Middle East

Late last month, the U.S. Department of Justice announced a landmark settlement with banking giant Goldman Sachs over its participation in a massive bribery scheme that syphoned hundreds of millions from Malaysian public coffers. As a part of a deal with prosecutors, the Wall Street firm agreed to pay nearly $3 billion to authorities in multiple countries, and agreed to have its Malaysian subsidiary plead guilty in a Brooklyn court to conspiring to violate U.S. bribery laws. The fine, the largest ever under the U.S. Foreign Corrupt Practices Act followed the indictment of two Goldman executives who U.S. authorities alleged pushed the bribery ring. The scandal focused on a multi-billion dolla

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