Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB, and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore, and Luxembourg.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...