The United States Department of Justice (DOJ)has announced that it has repatriated an additional US$452 million in misappropriated 1MDB funds to the people of Malaysia, bringing the total returned to over US$1.2 billion.
According to court documents, the funds from 1MDB, formerly Malaysia’s investment development fund, were laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg, said the DOJ in a statement.
Since 2016, a landmark effort encompassing 41 civil forfeiture actions filed in the US District Court for the Central District of California and one in the US District Court for the District of Columbia by the Money Laundering and Asset Recovery Section (MLARS) of the Justice Department’s Criminal Division led to the seizure of over US$1.7 billion in stolen assets.
"This is the largest recovery to date under the department’s Kleptocracy Asset Recovery Initiative. The funds include both funds finally forfeited and funds the department assisted in recovering and returning. The department continues to litigate actions against additional assets allegedly linked to this scheme," said the DOJ.
[More to follow] - Mkini
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