The end game of Malaysia’s first global financial scandal, the RM50-55 billion 1MDB scandal (which incorporates the RM4.2 billion “donation” scandal) has started with the two-pronged crackdown in Singapore and Switzerland – the closure of the Singapore branch of BSI and the reference of the “top six” of BSI Singapore to the Singapore prosecutor for possible criminal offences and in Switzerland, the commencement of criminal proceedings against the bank by the Swiss authorities over “money laundering and corruption” offences relating to suspected embezzlement of US$4 billion from 1MDB and the liquidation of the 143-year-old Swiss bank.
In Malaysia, the Special Task Force into 1MDB, which had comprised the Bank Negara, the MACC, the Police and the Attorney-General’s Chambers should be resurrected and send representatives, together with representatives from the Public Accounts Committee (PAC), to Singapore and Switzerland to learn how the investigative and enforcement authorities in these two countries could detect 1MDB money-laundering and corruption running into billions of ringgit but which had escaped multiple and intensive investigations by Malaysian authorities?
It is a supreme insult and blow to the credibility, capability, professionalism, integrity and authority of the Malaysian investigative and enforcement authorities that the Swiss Financial Market Supervisory Authority (FINMA) could order the closure of the private Swiss Bank BSI for failing to adequately monitor 1MDB funds to prevent money laundering and corrupt practices but its Malaysian counterparts are blissfully ignorant of such serious money-laundering malpractices. Continue reading “Special Task Force on 1MDB should be resurrected and representatives from Bank Negara, MACC, Police, AG’s Chambers as well as PAC should be sent to Singapore and Switzerland to learn how they could detect 1MDB money-laundering and corrupt practices running into billions of ringgit but which had escaped Malaysian authorities”