=MALAYSIA PRESS: News Headlines On Friday, July 13
KUALA LUMPUR (Jul 13) -- Here’s a roundup of local news:
*The Global Hunt for Malaysia’s Stolen Billions
International investigations of money laundering involving the state-backed 1Malaysia Development investment fund will probably create shock waves through the parts of the global financial order that were complicit in its looting, and there were plenty, stretching from Singapore to Switzerland and beyond. They are likely to result in the punishment of international banks and bankers and pressure various jurisdictions around the world to strengthen their anti-money laundering controls and laws. The US Department of Justice alleges US$4.5 billion was stolen from this Malaysian state fund, much of it laundered in jurisdictions like the US, UK, Luxembourg, Switzerland and Singapore. The domestic probe of 1MDB by the newly-energized Malaysian Anti-Corruption Commission is nearly complete, and the MACC will shift its focus outside Malaysia, MACC Chief Commissioner Mohd Shukri Abdull told reporters on July 7. - Asia Sentinel
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