MACC secures order to freeze US$1.7mil linked to 1MDB probe

 The order was issued by the Kuala Lumpur High Court after it was established that the funds were connected to money laundering activities.

MACC chief commissioner Azam Baki said the anti-graft agency would continue to utilise all legal avenues to ensure that misappropriated national assets hidden abroad were detected, frozen, and eventually forfeited in accordance with the law.

PETALING JAYA:

 The Malaysian Anti-Corruption Commission (MACC) has obtained a court order prohibiting transactions involving approximately US$1.7 million (RM6.7 million) held in two bank accounts in Barbados, believed to be linked to funds misappropriated from 1MDB.

The order was issued by the Kuala Lumpur High Court today after Justice Azhar Abdul Hamid allowed an application by prosecutors under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, after the funds’ connection to money laundering activities was established.

In a statement, MACC said its investigations found that between 2014 and 2019, several individuals – believed to be bank account holders and directors of companies incorporated overseas – were involved in receiving, concealing, transferring, and converting proceeds of unlawful activities through company accounts in Barbados.

The court granted the prohibition order covering US$56,285.88 in an account belonging to Lambasa Global Opportunity Fund BV and US$1,649,118.40 in an account belonging to Universal Ventures Fund SCC, both held at Amicorp Bank and Trust Limited.

In a statement, MACC chief commissioner Azam Baki said the move reflected the agency’s continued commitment to tracing and recovering misappropriated funds.

“In the current challenging global economic climate, including uncertainties arising from conflicts in the Middle East, asset recovery efforts are not merely enforcement actions but a responsibility to safeguard the nation’s financial interests,” he said.

“Every ringgit successfully recovered belongs to the people of Malaysia and will continue to be fought for.”

Azam added that the MACC would continue to strengthen international cooperation and utilise all legal avenues to ensure that misappropriated national assets hidden abroad were detected, frozen, and eventually forfeited in accordance with the law. - FMT