WASHINGTON (Reuters) – The U.S. Federal Reserve said on Tuesday it has sanctioned former Goldman Sachs bankers for their role in a money-laundering scandal involving 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned investment fund.

Tim Leissner and Roger Ng have been permanently barred from the banking industry for their involvement in “a scheme that illegally diverts billions of dollars from a Malaysian sovereign wealth fund.”

Leissner did not admit or deny the charge, but agreed to a $1.42 million fine.

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