U.S. News

Singapore's central bank bans former Goldman Sachs' banker for life

Key Points
  • The Monetary Authority of Singapore said it had issued a lifetime prohibition order against former Goldman Sachs' banker Tim Leissner.
  • Leissner admitted to charges related to an investigation into scandal-plagued Malaysian state fund 1MDB.
Authorities around the world, including the United States, Switzerland and Singapore have looked into anti-money laundering breaches relating to 1MDB.
Olivia Harris | Reuters

Singapore's central bank on Wednesday said it had issued a lifetime prohibition order against former Goldman Sachs' banker Tim Leissner after he admitted to charges related to an investigation into scandal-plagued Malaysian state fund 1MDB.

The ban is an upgrade of the Monetary Authority of Singapore's 10-year prohibition order against Leissner issued last year.

The order, among other things, prevents him from performing any regulated activity under the Securities and Futures Act (SFA).

Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd, which is the subject of investigations in at least six countries.

"After careful consideration of Mr Leissner's admission to participation in the conspiracy, as well as US DOJ's criminal actions against him, MAS has decided to vary the PO against him," the MAS said in a statement.

Goldman Sachs has consistently denied wrongdoing.

WATCH: What happened to 1MDB's money?

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What happened to Malaysia's 1MDB money?