MACC reveals illicit funds flowing to West Asia

MACC chief says several factors make these countries attractive for money laundering, including their willingness to accept suspicious funds.

MACC chief commissioner Azam Baki said the anti-graft agency is intensifying efforts to track down illicit funds, recover stolen money and restore national assets.

PETALING JAYA:

 Dignitaries, politicians, and white collar criminals have been stashing their illicit funds in several countries, especially those in West Asia, says Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki.

He said these countries have become preferred destinations for concealing wealth and evading authorities – either through the use of offshore accounts, or by purchasing luxury residences and commercial properties, Metro Ahad reported.

He said several factors make these countries attractive for money laundering, including their willingness to accept suspicious funds from certain entities and individuals.

Azam noted that most countries, including Malaysia, reject suspicious funds and subject them to anti-money laundering compliance.

“However, such policies are not enforced in these countries,” he was quoted as saying.

“Some high-profile individuals in cases we have investigated are known to hold luxury assets there that were purchased in cash.

“There, they can bring in cash and even deposit it in banks. That is why it has become a preferred choice for illicit funds, including those originating from Malaysia.”

He added that tracing and recovering illicit funds required the assistance of the enforcement agencies in the countries involved.

Azam said that while the process is time-consuming, MACC is intensifying its efforts to track down such illicit funds, recover the stolen money and restore national assets.

In 2025, MACC successfully seized and recovered over RM8.5 billion through various enforcement actions, including asset confiscations, account freezes, forfeitures, compounds, and settlements. - FMT