Coming soon: New task force to recover US$5b in 1MDB-linked foreign assets

The government is set to establish a new task force aimed at recovering an estimated US$5 billion (RM20.75 billion) worth of 1MDB-linked assets from abroad.

This was announced today by MACC deputy chief Azam Baki, who said the team would be led by the National Financial Crime Centre (NFCC), as well as the National Governance, Integrity and Anti-Corruption Centre (GIACC).

“We need to determine the assets that we want to recover. These are overseas assets, not local assets. I think the amount is nearly US$5 billion (RM20.75 billion).

“These assets are in many countries and there are all related to 1MDB,” Azam said when asked by the media, adding that GIACC would be announcing the members of the task force soon.

Among the agencies involved are the MACC, the police and the Attorney-General’s Chambers.

“We have a good team there, and we need to follow the money trails and talk to many agencies, as well as look into legal issues.

“Certain countries have their legal processes which we will need to follow. This is something which we have to discuss with many countries as we can’t use our laws to recover these assets,” Azam elaborated.

The NFCC was established late last year to combat money laundering and is led by former Immigration Department director-general Mustafar Ali.

Mustafar had spent more than three decades at the MACC and was deputy chief commissioner there when he was transferred to the Immigration Department in August 2016.

He was allegedly transferred after investigations into state investment fund 1MDB had gained traction.

Umno will fight civil forfeiture suit in court, says Mat Hasan

MACC files 1MDB civil forfeiture suits against 41 respondents

Bank Negara chief: 1MDB put spotlight on financial institution practices

Kit Siang wants to know if Latheefa will probe Apandi