Goldman Sachs has agreed to pay nearly $3 billion to regulators around the world, as it settles its involvement in the 1Malaysia Development Berhad (1MDB) money laundering scandal.

This is on top of a $2.5 billion cash settlement reached directly with the Malaysian government earlier this year.

The fines announced yesterday include a £96.9 million penalty from the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), levied against Goldman Sachs International (GSI).

The $2.9 billion global enforcement action also involved regulatory authorities in the US and Singapore.

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