Representatives from regulatory and enforcement agencies including the Public Accounts Committee (PAC) should be sent to Singapore and Switzerland, to learn how they could detect money-laundering and corrupt practices involving billions of ringgit linked to 1MDB which had escaped Malaysian authorities.

This, argued DAP supremo Lim Kit Siang, is necessary as the 1MDB special task force comprised of Bank Negara, the Malaysian Anti-Corruption Commission (MACC), police and Attorney-General’s Chambers should be resurrected to redeem the country's integrity in the wake of international actions over the matter.

"It is a supreme insult and blow to the credibility, capability, professionalism, integrity and authority of the Malaysian investigative and enforcement authorities," said Lim in a statement, that foreign agencies could see what ours could not.

"The Swiss Financial Market Supervisory Authority (Finma) could order the closure of BSI Bank for failure to monitor 1MDB funds to prevent money laundering and corrupt practices, but its Malaysian counterparts are blissfully ignorant of such serious money-laundering malpractices."

Lim opined that while we may be at the "end game" of the 1MDB global scandal, it is likely to be prolonged and protracted, which is not the end of the 1MDB saga, but the beginning of another chapter.

The crackdown in Singapore and Switzerland, said Lim, may just be the tip of the iceberg as other regulatory and enforcement agencies around the world are also zeroing in on banks and companies linked to 1MDB deals and monetary transfers.

"What concerns Malaysians is whether the Malaysian investigative and enforcement authorities, namely Bank Negara, MACC, police, the AG’s Chambers as well as the PAC could redeem themselves and restore national and international confidence in their credibility," he concluded.

Ordered BSI to close

Earlier this week Singapore and Swiss regulatory authorities swooped in on BSI over its alleged involvement in activities that breach money laundering guidelines and ignored compliance oversight, linked to 1MDB funds.

Singapore had ordered BSI to close its local branch after withdrawing the bank's merchant banking license, the first time the island nation did so in 32 years, and referred the financial institution's top six officials for charges.

While the Swiss authorities had ordered 143-year old bank to be closed down and absorbed totally by a rival private bank.

1MDB has denied wrongdoing but says that it stands ready to cooperate with international probes though claimed that no one from foreign jurisdictions had contacted it as yet.

Prime Minister Najib Abdul Razak who chairs 1MDB's advisory board also denied that there are irregularities in the fund's financial books and administration, claiming that the only problem is with weaknesses in management that the government had blamed on an ex-CEO and his team.