Malaysia hosts meeting between Singapore, US and Swiss officials on 1MDB probe
A man walks past a 1MDB billboard in Kuala Lumpur. (File photo: REUTERS)
KUALA LUMPUR: Malaysia hosted a meeting between officials from Singapore, Switzerland and the United States on investigations related to 1Malaysia Development Berhad (1MDB), the Attorney-General’s Chambers (AGC) said on Friday (Sep 21).
The meeting was hosted by the AGC in Putrajaya. “We are pleased to report that the successful meeting among the prosecutors, civil recovery specialists and investigators from the three countries affected by the massive 1MDB fraud was organised by the chambers," the AGC said in a statement.
"The participants were aware of the importance and urgency of cross-border collaboration and cooperation in the fight against crimes committed internationally and across national borders."
READ: Former Malaysian PM Najib Razak claims trial to 25 charges of abuse of power, money launderingThe AGC said it hoped that the meeting would become a benchmark for bigger efforts in the future.“We express our thanks to the delegations from abroad for their willingness to provide further assistance in combating transnational fraud and crimes."
HOW SINGAPORE, SWITZERLAND AND US ARE INVOLVEDAll three countries involved in the tri-nation meeting have been embroiled in the 1MDB scandal - the biggest in Malaysia's history, involving more than US$10 billion.
In September, Singapore was ordered to return to Malaysia about US$11.2 million - just a small portion of the total seized in the country as part of a probe into transactions linked to the scandal.
In 2016, Singapore authorities said they had seized S$240 million in cash and properties as a result of investigations into 1MDB-related fund flows through Singapore.
READ: Malaysian financier Jho Low's private jet currently in Singapore: Aviation firmIn July this year, the lead investigator in the scandal from Switzerland said that the state fund has been used as a Ponzi scheme.
The attorney-general's office in Switzerland began probing suspicious fund flows originating from 1MDB back in August 2015 after several transactions linked to a Middle Eastern wealth fund were flagged by Swiss authorities.The US Department of Justice also said in May that it would continue to pursue investigations into the 1MDB saga.
The US filed forfeiture complaints in 2016 and 2017 seeking to recover over US$1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB. These complaints alleged that more than US$4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere.
Source : https://www.channelnewsasia.com/news/asia/malaysia-hosts-meeting-between-singapore-us-and-swiss-officials-10743958