He will also be prohibited from taking part in managing any capital markets services firm in Singapore.
The Monetary Authority of Singapore (MAS) banned former director of Goldman Sachs Singapore Tim Leissner from performing any regulated activity or taking part in the management of any capital markets services firm in Singapore, an announcement revealed.
The prohibition order (PO) comes after Leissner was found to have issued an unauthorised reference letter on behalf of Goldman Sachs Asia to a financial institution based in Luxembourg where he made false statements without the firm’s knowledge.
Leissner was charged for conspiracy to commit money laundering and violation of the US Foreign Corrupt Practice Act on 1 November. He pleaded guilty to the charges and admitted to participating in a conspiracy to obtain and retain business from Malaysian strategic development firm 1MDB for Goldman Sachs through bribes and kickbacks to government officials in Abu Dhabi and Malaysia. Leissner also admitted to embezzling funds from 1MDB for himself and others on top of laundering bribes, kickbacks and funds through financial systems in the US and abroad.
“After careful consideration of Mr Leissner’s admission to participation in the conspiracy, as well as the United States Department of Justice’s (US DOJ) criminal actions against him, MAS has decided to vary the PO against him under section 101C of the Securities and Futures Act (SFA),” the agency said in a statement.
Apart from extending the duration of the PO to a lifetime prohibition, MAS also expanded the scope of the PO to also prohibit Leissner from acting as a director of, or becoming a substantial shareholder, capital markets services licensee or exempt person under the SFA.
Meanwhile, the announcement reiterated MAS’s stance that it will consider any new evidence related to the 1MDB funds flows and will take further enforcement actions where appropriate.
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