The Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2013 (AMLA) is clear on the matter.
PRESS RELEASE We want to know whether Bank Negara will investigate Prime Minister Najib Abdul Razak for alleged money laundering in the wake of a civil action lawsuit in the United States.
The scam was highlighted by the US Department of Justice (DoJ) in the civil action in a court in California.
We refer to previous public announcements by Bank Negara on 1MDB. So far,it’s only the company that has been investigated but only for improper disclosure to the central bank. This is for fund transfers overseas.
The elements of a money laundering conspiracy, involving top 1MDB officials and the Prime Minister, has never been carried out by the central bank.
Najib cannot be immune to money laundering investigations. The Governor, Muhammad Ibrahim, must not fail to restore the integrity of the financial system.
Bank Negara must protect the sanctity of the financial system from money laundering activities. This is being done aggressively in other jurisdictions.
Hence, if Muhd doesn’t probe Najib for money laundering, the public perception would be that he struck a “secret” deal with the Prime Minister to head the central bank.
We are taking the cue from a Bank Negara announcement on Friday that investigations into 1MDB would not be re-opened. The refusal to re-open the case was despite new evidence disclosed by the DoJ. The Governor claimed the central bank has already taken all necessary action.
“We have completed investigations into 1MDB based on information and imposed a penalty on the company,” Muhd was quoted as saying. The Governor said the central bank, under the law, has taken all necessary action.
He further said that Bank Negara has closed investigations (on 1MDB).
This announcement, in one swift blow, has destroyed Bank Negara’s credibility.
We fear the international financial community and governments abroad authorities can only laugh at the announcement. The DoJ has charged that Malaysian officials colluded to launder more than USD3.5 billion from 1MDB.
The Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2013 (AMLA) refers.
Briefly, the Act states when any person is deemed to have committed an offence.
Three areas are covered.
Firstly, if a person “acquires, receives, possesses, disguises, transfers, converts, exchanges, carries, disposes of or uses proceeds of an unlawful activity”.
Secondly, if a person “removes from or brings into Malaysia, proceeds of an unlawful activity”.
Thirdly, it’s also an offence when a person “conceals, disguises or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of an unlawful activity”.
Bank Negara, as the competent authority, hence must not abdicate its responsibility under AMLA. It must commence investigations into the said highly suspicious transactions.
The DoJ specified that a significant part of the laundered funds found its way into the Malaysian banking system.
The DoJ charged that USD731 million was deposited in the personal bank account of “Malaysian Official 1” (MO1) between 2011 and 2013. The Minister in the Prime Minister’s Department, Abdul Rahman Dahlan, said that only an idiot would not know that MO1 refers to Najib.
Najib has not only received the illicit funds. He tried to conceal the transfers by pretending that it’s a “donation” from a mysterious unnamed Arab donor.
This has been proven to be a complete lie.
Petaling Jaya Utara MP
DAP National Publicity Secretary