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Thursday, October 13, 2016

The Foreigners Dont Understand : Their Malaysian Counterparts (ie the Civil Service) Are Shameless.






Spotlight on KL's next move in 1MDB saga

Photo: Reuters

Singapore's action against its financial institutions - including get-out-of-here notices to two Swiss private banks - relating to the suspicious flows of 1Malaysia Development Berhad (1MDB) monies is only the supporting act.

The main story across the Causeway has yet to unfold.
The Monetary Authority of Singapore's forceful decision to shut the operations of BSI Singapore and now Falcon Bank in a span of five months for serious breaches of anti-money laundering rules is widely divergent from its Malaysian counterpart, which only in May declared the 1MDB case shut.

(Indeed the new Bank Negara fellow has declared the 1MDB case closed.  In Singapore, Switzerland and the US the case is just starting.)

If you toss into the mix Singapore prosecutors' hauling up of four people to court for over 25 offences including money laundering, cheating, corruption and forgery, and freezing of assets worth S$240 million in the ongoing 1MDB probe, it makes Malaysia, where the multi-layered and circuitous flow of funds all began, look even worse.
The inaction by the country's regulators on the mammoth financial controversy that has gripped the nation for over a year is even harder to fathom when viewed against action by Swiss and US jurisdictions, which have alleged that US$3.5 billion (S$4.83 billion) to US$4 billion (S$5.5 billion) have been embezzled from 1MDB's coffers.

Perhaps, the most discomfiting juxtaposition of Malaysia and Singapore - which now share close bilateral ties and can't escape being compared given their shared history - came from Switzerland last week.

The Office of the Attorney General said that it was fully satisfied with Singapore's help in providing information for its criminal proceedings in the 1MDB case, in what it recently concluded was part "Ponzi" scheme.

But the praise appeared relatively (deliberately so?) thick as on the same note, the Swiss regulator indicated that the Malaysian Attorney-General has yet to respond, some nine months after help was requested under a mutual treaty.

The 1MDB money trail has also kept the Swiss busy, with its financial watchdog Finma referring to the case as one of the largest cases of suspected corruption in recent times.

In May, quite in step with Singapore, Finma ordered the dissolution of BSI.

On Tuesday, Finma imposed sanctions on Falcon for being lax on fact checking of, among other things, "pass-through transactions" of US$681 million and a US$620 million repayment thereafter.

That's the same amount that Malaysia's Attorney-General Apandi Ali confirmed earlier this year was transferred into Malaysian Prime Minister Najib Razak's account..

* * * He had also cleared Mr Najib of any wrongdoing.***

The US Justice Department has filed a civil suit to seize US$1 billion of assets that it alleged was purchased with funds stolen from 1MDB.

Yet, in Malaysia, the probe into 1MDB, a state-backed firm that was meant to galvanise economic activity but instead racked up debts of over RM50 billion (S$16.4 billion) in its seven years on the back of dubious deals and earned the wrath of many Malaysians,appears to have ground to a halt.
Indeed, the enforcement chops of Singapore and Switzerland - the world's key private banking hubs - ought to highlight another key point for Malaysia: that above all else, regulators and prosecutors must work as a team or risk a massive governance fallout.

Your move, Malaysia.

This article was first published on Oct 12, 2016.

My comments :  The other day a commentor, obviously a Civil Servant, sent a comment saying that the Civil Service serves its political masters. If the politicians are good the Civil Service is good (he referred Dr Mahathir's time as PM).

If the political masters are bad then the Civil Service follows suit.

That is the most irresponsible and hypocritical comment which indeed describes the Malaysian Civil Service. They really have no backbone, virtue or morality.

For the Malaysian Civil Service there seems to be no such thing as doing what is right or even obeying the law. They only obey orders from the politicians even if it means breaking the law or not enforcing the law. 

This is the darkest moment in the history of the Malaysian Civil Service.  I hope it does not get darker than this.

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