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1MDB scandal -- a call to redouble Asia's fight for transparency

Companies and governments must stop tolerating lax local standards

| Malaysia
1MDB case highlights need for greater financial transparency. (NurPhoto/Getty Images)

Malaysian prosecutors have filed criminal charges against Goldman Sachs and two former employees in connection with bonds issued by 1MDB, a state fund from which billions of dollars were allegedly misappropriated. The U.S. investment bank has denied the accusations, saying it would "vigorously contest" them.

But, whatever the legal outcome of this huge and complex case, the episode highlights the difficulty of banks operating in emerging markets, such as Asia.

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