It would be the most significant win for the Justice Department's Kleptocracy Asset Recovery Initiative since it was set up nearly a decade ago to prevent the USA from becoming a safe haven for stolen money. The deal is not expected to include an admission of guilt or wrongdoing and isn't tied to the criminal action against him, the person said.

"We were pleased to help negotiate this historic resolution in order to preserve the tremendous value of assets involved", Chris Christie, the former governor of New Jersey said in a statement.

According to the justice department, the theft was divided in three separate phases: an initial $1bn taken under the "pretence of investing in a joint venture between 1MDB and PetroSaudi".

The statement said this represents the largest recovery to date under the department's Kleptocracy Asset Recovery Initiative and the largest civil forfeiture ever concluded by the DoJ.

In addition to $260m of assets seized from Low earlier this year, he will reportedly forefeit a luxury boutique hotel in Beverly Hills, California, and properties in NY and London valued at $700m.

Goldman said earlier this month it was cooperating with the Justice Department and other government and regulatory investigations. The value of the recouped assets could be even higher based on estimates in the original lawsuits and the final sale price.

"The message in this case is simple: the United States is not a safe haven for pilfered funds", Hanna said in a statement.

Combined with previous settlements covering a $120 million superyacht, a NY hotel and other assets, it brings the total amount recovered by the U.S. to more than $1 billion.

The flurry of forfeiture complaints filed initially by the Justice Department in 2016 connected big purchases in the U.S.to the proceeds of a crime. The two sides negotiated a deal to avoid the legal costs and uncertainty of extended litigation.

Meanwhile, Federal Bureau of Investigation (FBI) assistant director Terry Wade said the settlement with Jho Low demonstrates the continued commitment of the FBI to root out the fraud and selfishness of the corrupt individuals who conspired to pay bribes and launder funds belonging to Malaysians.

The participants then raised $1.4bn through a Goldman Sachs bond issue that was deposited with a Swiss offshore company.

The statement also said Jho Low separately faces charges in the Eastern District of NY for conspiring to launder billions of dollars embezzled from 1MDB and for conspiring to violate the Foreign Corrupt Practices Act by paying bribes to various officials, and in the District of Columbia for conspiring to make and hide foreign and conduit campaign distributions during the 2012 U.S. presidential election.

"He (Jho Low) has now surrendered. not to contest against DoJ".

"This agreement with the USA government is the result of a multi-year collaborative effort, which has fostered a spirit of cooperation that Mr".