Asked About Offshore Funds Retrieval Zafrul Explains The Accounts Process

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PARLIAMENT | In response to a question from former finance minister Lim Guan Eng as to how Malaysia intended to retrieve funds that were deposited in foreign offshore accounts, current minister Tengku Zafrul Abdul Aziz seemed to sidestep the question by saying that as long as due diligence is observed, Malaysians can open bank accounts outside the country.
“Any individual can open an account with any licenced bank, including in offshore accounts, under existing laws.
“However, all customers who open these accounts in licenced banks will be regulated by Bank Negara Malaysia or the offshore ones by the Labuan Financial Services Authority.
“They have to also pass the existing customer due diligence processes as stated within the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” Tengku Zafrul said in response to Lim today.
Lim's original question was in relation to the Pandora Papers revelation yesterday which revealed, among others, the offshore financial assets and business associates of former finance minister Daim Zainuddin.
Lim asked what efforts the government was going to carry out to retrieve such funds.

Anwar Ibrahim
Opposition Leader Anwar Ibrahim yesterday had also submitted an emergency motion to the Dewan Rakyat, requesting the House to debate the revelations, saying it was of public interest as the report also named government and opposition political figures.
"The matter needs to be expedited as what was revealed in the Pandora Papers required immediate clarification to clear the government's reputation from any allegation that it would cover up Malaysians who were allegedly involved in international money transactions," he added.
Apart from Daim, Anwar also named, in his letter sent to Dewan Rakyat Speaker Azhar Azizan Harun, the four ministers, a deputy minister and MPs owning offshore accounts, as revealed in the Pandora Paper
They are Tengku Zafrul himself, his deputy minister Yamani Hafez Musa, Bagan Datuk MP Ahmad Zahid Hamidi and Selayang MP William Leong.
Tengku Zafrul issued a statement yesterday saying that he had relinquished his posts in Kenanga Group in June 2010 when he was appointed as chief executive officer (CEO) of Maybank Investment Bank Bhd. Capital Investment (Labuan) Ltd, which was named, in the report is associated with the Kenanga Group.
The Pandora Papers obtained by the International Consortium of Investigative Journalists (ICIJ) revealed the financial secrets of 35 current and former world leaders, more than 330 politicians and public officials in 91 countries and territories, and a global lineup of fugitives, con artists and murderers. - Mkini

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