The Prime Minister's Office (PMO) must set up a dedicated Asset Tracing Unit and mandate AGC and MACC to recover billions of illicit ringgits stashed overseas by Malaysians.
Once such a unit is established, the money will come rolling back to Malaysia like “flash floods,” said Ms Jessica Sidhu, a former senior official in the Attorney-General’s Office.
She was also head of the Anti-Money Laundering Task Force, Kuala Lumpur Task Force and Police Task force under the purview of the attorney general’s office, reporting to the Prime Minister.
The Anti Money Laundering Task Force (AMLTF) was set up to safeguard the country’s financial integrity, cross-border operations and counter-terrorism activities. AMLTF worked in concert with over 20 various enforcement agencies and government bodies. Monies it recovered in unpaid taxes formed more than 40% of the 2016 Malaysian Annual Budget.
“Dealing with foreign countries is not as intricate as it might appear. What is required is a clear mandate to trace these assets, and recover and repatriate these assets. There are laws for investigation, entry, search, discovery of evidence, and assets freezing and asset seizures,” said Jessica.
The PMO unit, with the cooperation of MACC and Bank Negara, can easily trace the illicit assets transferred overseas by Malaysians.
“Our laws allow assets to be frozen here and overseas to retrieve our stolen wealth,” said Jessica, a lawyer who is also a certified fraud examiner and an experienced fraud investigator.
“We can trace the money into the accounts of relatives and friends in all jurisdictions overseas. Investigators will be enabled to work over international borders,” said Jessica, who has 20 years of work experience with five years in the public sector of financial fraud investigations.
Jessica’s forte is in fostering multi-level collaborations with diverse teams to generate momentum and harness their strengths to deliver optimum results.
In an interview with Bloomberg, Prime Minister Datuk Seri Anwar Ibrahim demanded that Goldman Sachs Group Inc honour its settlement with the government for its role in the 1MDB scandal, adding that the Wall Street firm shouldn’t use its financial strength to dictate terms. “The abuse of the sovereign state fund was made possible because of, "complicity” from institutions such as Goldman Sachs,” Anwar told Bloomberg.
Jessica said: “Malaysians' illicit money belongs to Malaysia. It is ours. We need it now more than ever as Malaysia has RM1.5 trillion in debts.”
She explained that using amnesty to recover the money should not be introduced as it will legitimise corruption. Corruption is the abuse of public office for private gain.
“Sadly, Malaysian wealth overseas in trillions must be recovered. Some businessmen and politicians made corruption a tradition - even an entitlement – for rent-seeking behaviour.”
Anwar Ibrahim has made the right calls since he has taken office in seeking out good governance, demanding democratic accountability, doing away with civil servants from holding board positions, and forbidding unnegotiated tenders, creating a fast, efficient and corruption-free climate to encourage foreign investment.
“The PMO Asset Tracing & Recovery unit will only bolster that further. PMO should start a unit to recover the stolen wealth from overseas,” Jessica said.
Malaysia continued its slide in the Corruption Perception Index (CPI) measured by global watchdog Transparency International (TI), managing only 47 out of 100 possible points — its worst performance in a decade. Muhammad Mohan, the chairman of the local chapter TI-Malaysia, said despite an increase in the ranking to 61st out of 108 countries compared to 62nd previously, Malaysia’s score continued to fall after reaching its height of 53 points in 2019.
M. Krishnamoorthy is a media coach, associate professor, and journalist who worked and freelanced with Bernama, NST, The Star, and Malaysiakini. He also freelances as a fixer/coordinator for CNN, BBC, German and Australian TV networks and the New York Times. As an undercover journalist, he has highlighted society's concerns going undercover as a beggar, security guard, blind man, handicapped salesman and Member of Parliament.
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