Macc Secures Rm4 5mil Forfeiture Linked To 1mdb From Swiss Bank Account

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 The Kuala Lumpur High Court allows the seizure after it was told that there were no objections or claims made by any party.
MACC said this marks the first successful forfeiture of overseas assets linked to 1MDB without involving prosecution. (AP pic)PETALING JAYA: The Malaysian Anti-Corruption Commission has secured the forfeiture of US$954,299.58 (RM4.5 million) from a Swiss bank account linked to the misappropriation of 1MDB funds
MACC said the Kuala Lumpur High Court allowed the forfeiture today after the deputy public prosecutor informed the court that there were no objections or claims made by any party during the proceedings.
“Justice K Muniandy granted the application to forfeit the funds held in a BSI Bank account in Switzerland under the name of Derivale Ltd, whose beneficiary is Azlin Alias,” it said in a statement.
The forfeiture was carried out under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
According to MACC, this marks the first successful forfeiture of overseas assets without involving prosecution.
It said the funds will now be transferred to the government as part of ongoing recovery efforts related to the 1MDB scandal.
Last month, MACC chief Azam Baki said repatriating assets linked to 1MDB remained a difficult process as many of these stolen assets were located overseas.
He said the complex nature of the case made international cooperation crucial, especially when it came to tracing and retrieving funds that were siphoned into multiple countries.
Azam also said Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023 – an average of RM55 billion a year – describing the amount as “very alarming”. - FMT

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