Fugitive financier Low Taek Jho, better known as Jho Low, may have entered China using an alias.
Finance Minister Lim Guan Eng spoke of this possibility during an interview with business station BFM.
"I have spoken to the Chinese ambassador to Malaysia (Bai Tian) and he has given me assurance that according to records, he (Low) did not enter China with a Malaysian passport.
"But if he got a different passport with a different name, then it is a different story," he said on BFM's "Breakfast Grille" programme.
"But according to the records, Low, the Malaysian (passport holder), is not in China. We hope that, of course, this is the actual situation.
"And, if he has somehow slipped in, I think of course the Chinese authorities are willing to help us identify and locate him. So far, we have no problem in terms of cooperation with the Chinese authorities," he added.
Low, whose Malaysian passport was cancelled on June 16, is said to have used his St Kitts and Nevis passport to enter China, which is believed to have been later revoked.
The Star Online previously reported that Low, who is wanted in several countries, has passports from Australia, New Zealand and Thailand.
Low has been charged in absentia in both the US and Malaysia over allegations of money laundering in relation to the 1MDB scandal.
He has maintained that he is innocent.
The US Department of Justice (DOJ) has indicted Low, together with former Goldman Sachs bankers Tim Leissner (photo), and Roger Ng on multiple criminal charges related to the 1MDB scandal.
A total of US$2.62 billion was reportedly misappropriated from the bonds raised.
Lim has urged the investment banking institution to return the US$588 million in fees, which Goldman had collected for raising US$6.5 billion in bonds in 2012 and 2013.
The minister remained hopeful of retrieving the lost money, as Goldman chief executive David Solomon has since admitted that his two former employees had "blatantly broke the law" in the 1MDB affair.
Lim said that he would be happy if the government could retrieve at least 30 percent of the RM50 billion losses incurred by the 1MDB.
"It is not easy to locate these assets when they are all over the world. Of course, some of them have been found in Malaysia, look at the jewellery, designer bags and designer handbags," he added.