Thursday, September 17, 2015

Oh dear, look at how Malaysia fares in money laundering!

17/9/2015: Just for your post-Merah/Marah/Maruah Rally reading pressure, now that the haze is back and since some Malaysians want others to believe that we, Malaysia, are a safe haven for money laundering ...

By By Mark Hosenball 
ZURICH, Sept 16 (Reuters) - While Malaysia's premier faces tough questions over the origin of hundreds of millions of dollars transferred to his bank accounts, the country has tentatively received good grades for its anti-money-laundering efforts from a team of international experts, documents reviewed by Reuters show. 
A draft report by the Paris-based Financial Action Task Force (FATF), a global body which monitors how countries fight illicit financial flows, said Malaysia had put in place a "robust policy framework" to combat money laundering. 
But it said the Asian country needed to be more effective in targeting high-risk offences and needs to pay more attention to transnational crime. 
The draft, dated Aug. 4 and marked for official use, said the FATF inspection team found the Malaysian government had a "strong political commitment and well functioning coordination structures" to fight money laundering and that "significant resources have been allocated" to investigations in this field. 
The FATF report, which is yet to be made public and could be subject to changes, comes as a high-profile financial scandal is undermining Malaysia's political stability and has hit its currency, the ringgit. 
A spokeswoman for FATF declined to comment. The Malaysian Prime Minister's Office had no immediate comment on the draft report. 
FATF experts routinely visit member countries and those aspiring to become members to assess their efforts in combating money laundering. 
Malaysia has "privileged observer" status in FATF and is keen to be admitted to full membership, a FATF source told Reuters. 
But countries cannot qualify as full members unless they have put robust checks and balances in place.
FATF circulated a draft of its assessment on Malaysia to members who attended a plenary meeting held in Brisbane, Australia, in late June, according to a participant in the meeting. 
A few days later, the Wall Street Journal reported that investigators looking into suspected financial mismanagement at debt-ridden state fund 1Malaysia Development Berhad (1MDB) had traced close to $700 million of deposits moving from Singapore into a bank account of Premier Najib Razak. Reuters has not verified the Wall Street Journal report. 
Malaysia's anti-corruption agency has said the funds moved to Najib's accounts were a donation from an unidentified Middle East donor, and did not come from 1MDB. 
Najib, who is also the country's finance minister and chairman of 1MDB's advisory board, has denied taking any money for personal gain, saying corruption allegations are part of a malicious campaign to force him out of office. 
But pressure on him continues to mount after Swiss authorities said on Sept. 2 they had frozen funds in Swiss banks amid investigations into corruption and money laundering related to 1MDB. 
In its report, FATF said Malaysia has up-to-date anti-money-laundering laws and a "well-structured inter-agency cooperation framework", and that it disseminates "good quality financial intelligence" to a range of law enforcement agencies. 
It also said that Malaysia has been very successful in confiscating assets to combat tax evasion and goods smuggling. 
The report does offer some reservations regarding Malaysia's performance, noting that while its apparatus for conducting investigations and prosecutions is generally sound, the country had "produced minimal outcomes" and was "not effectively targeting its high risk offences." 
To date Malaysia had not prosecuted any cases related to the financing of terrorism, the report added. (Additional reporting by Praveen Menon; Editing by Lisa Jucca and Edmund Klamann)

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  1. Anonymous12:07 pm

    What happen to all the diesel raids, bro?

    I hear no charges made in Johor where most raids were done and caught.

    AG office tidor or in cohoot?????

  2. Anonymous12:17 pm

    Oh dear,

    Look at Rocky not even understanding that the current GOVERNMENT-LEVEL INVESTIGATIONS into 1MDB in UAE, HK, UK, USA, Singapore and Switzerland involve far more than mere money laundering investigations.

    The Swiss (to take one example) are looking into proceedings involving suspected corruption of public foreign officials, dishonest management of public interests, AND money laundering.

    Things ain't looking good for the money supply, Latuk.

    You may need to take up a new skill that you've never learned before.

    Like journalism, for instance.

    (Just kidding Latuk, love you really, even though you've sold your soul for da payroll.)

  3. Anonymous1:16 pm

    oh look a paid journalist to write solely about Malaysia and 1MDB. ;-)

  4. Anon 1.16:

    Me a paid journalist to write solely about Malaysia and 1MDB?

    Hehe. Bodohnya.

    1. Let me know, Anon, when you've met a journalist who writes for free. Journalist is a profession, mate, unlike a trooper like you, and professionals do get paid.

    2. I'm a patriotic Malaysia and I won't hesitate to defend 1MDB, an institution I know was set up for the benefit of the people and the nation. Most of the accusations levelled at 1MDB not true or/and not proven. The claim that RM42 billion had vanished, for example, was hogwash and I cannot possibly support that! Again, unlike a trooper like you.

    3. Patriotic as I am, I can't write solely about my beloved Malaysia. Paid journalists like me write about other countries and other peoples, too.

    Hope you've learned something and become a bit more intelligent after this.

    1. Anonymous5:01 pm

      But Ah Jib songlap the money from there...into his own pocket. One lie leads to another more lies...

  5. Anonymous4:54 pm

    Ahem, Bru - Singapore is a full member of the FATF.

    Malaysia is only an "observer".

    That also you don't know, ah?

  6. Anonymous5:01 pm

    How do you know that "1MDB...was set up for the benefit of the people and the nation"?

    Are you privy to "insider information"?

    I suppose that all the investigations that are going on in Hong Kong, Switzerland, the UK, Singapore and Abu Dhabi are simply gasak buta main-main sahaja?

    Come on, Bru - spill the beans.

    Because if you post a categorical statement like that, it would be best to have solid backing proof.

    What was that about fools rushing in where angels fear to tread?

  7. Anonymous5:11 pm

    Salam Datuk,

    Without being patronizing,
    I think there was an overreaction to Anonymous 1;16
    As a journo and blogger there was no reason to call bodohnya.
    I have followed your blogs for many years since the era of Jeff Ooi and you
    and i can assure you i have seen your "swing" on moral issues.
    i too am a patriot; i sacrificed my youth to serve the nation in uniform,
    to defend all Malaysian of differing creeds and colours. I served the Agong and Malaysia; not UMNO.
    Be sure too of where patriotism leads to chauvinism.

    I am Malaysian First

  8. Anonymous6:16 pm

    "It is not just Najib that has become a pariah, the whole nation is now a pariah nation because of Najib. I applied to open a stock trading account with a US online trading firm this week....and this was the response I received.

    "Thank you for your interest in applying for an account with SogoTrade.

    We regret to inform you that we will have to decline your account application because in order to be compliant with all Federal US Department of the Treasury and securities industry Anti-Money Laundering (AML) regulations, SogoTrade is not capable of maintaining accounts in certain countries or for their citizens and residents. Unfortunately, MALAYSIA is one of them.

    SogoTrade has made a commitment with its Regulator- FINRA to adhere to these rules with a very strict and risk adverse posture. We seek your understanding in this matter."

    By the way, the above was the second rejection I received on the same day.


    1. Anonymous7:49 am

      Malaysia is deteriorating with poor leadership. Racial harmony is at the lowest. Purely katak dibawah tempurung dont know how bad people outside are looking at us. Unfortunately...for some people he must be supported through whatever ways, by hooks or by crooks.

  9. Anonymous6:45 pm

    this is weird. good anti laundering law. duit donation masuk cannot trace.

  10. Anonymous6:59 pm

    Looking at the comments..i can feel their contempt and hate towards the malay. Dato, maybe its time you delete some of the offensive comments. Tq


  11. Anonymous8:59 pm

    Common on 5:01 and 12.17

    Please back up your allegations with proofs.

    If you disagree with the explanation and likely to claim of conspiracy, THE ONUS IS NOT ON GOVERNMENT BUT YOU THE ACCUSER TO PROOF.

  12. Anonymous9:48 pm

    You need some mental check up, bro. Unless you have gone senile you should be able to read the vast difference between a good, well-structured anti-money laundering policies and a corrupted leader.

  13. Anonymous10:41 pm

    All the talk of investigation at the various financial centres are typical drama act of matthias chang and bankrupt-will-thus-do-anything-for-money khairuddin hasan.

  14. Anonymous7:42 am

    Malaysia is the only country where illegal money laundering is legalise and protected by the cops. Those who knows about the ahlong business will know better. The ahlong can go around conducting illegal money lending business and never get caught. If borrowers don't pay up, they get beaten,kidnapped, house splashed with red paint and many other criminal acts but they never get caught or charged. They are protected by the police. They claim that they pay monthly protection fee to the police station to protect their business.These ahlong are protected by MCA and the Bangsat also gets his share. This explains why they can advertise anywhere for free for their illegal business without a single action.

  15. Anonymous10:12 am

    Ah Jib songlap?

    Songlap what? How much? When? How? Evidence? Conclusive?

    Answer all these. Pix of jho loh is not admissable as proof in any court in the world. Drama king matthias chang and bankrupt khairuddin reports at all financial centres in the world may start investigation but still have to answer for all those questions.

    Conspiracy to stop investigation does not constitute proof. Neither is it conclusive.

    So wait and not rush. It is only conspirators that is in hurry to pre-prepare charge sheet before investigation is done and complete. In a hurry to pin down.

    Hamid Bador could also be conspiring.

  16. Anonymous12:13 pm

    "1MDB...was set up for the benefit of the people and the nation"


    much like baju merah was organised for Maruah Melayu


  17. Anonymous1:34 pm

    Rocky...jgn layan penyangak2 ni..All good things your govt do, as long as they are opposition supporter, they will oppose for the sake of oppossing. What to do, stupid people follow stupid people. I trust you Rocky....Carry on..

  18. Hi Rocky,

    Saya ni cina, dibesarkan di perkampungan Melayu dan dikalangan Melayu. Memang Melayu itu kaum yg budi pekertinya baik kerana Islam. Kawan kawan dan Cikgu cikgu Melayu pun tak pernah menyisihkan saya, tetapi didik saya hingga ke menara gading. Sebagai Cina, saya tau cina-cina ni Kiasu dan Kiasi, cakap kuat dan tamak. Sometimes, the pot who calls the kettle black doesn't realise they are the same. My advise to my Chinese brethren, let the Malays choose what to do with the current government. We, the Chinese should do away with SRJK and intergrate with a National school system. I was brought up from a National School and we had a good childhood with the Malays and Indians despite our differences. But, I cannot say the same with SRJK kids. Learn to understand the finest of the Malay culture. Learn to integrate.

    To the Malays, don't worry, as a Chinese, I know the Chinese have no balls to take away your rights or your government, they only talk loud. Make good use of the Chinese and Indians to make Malaysia prosperous. Tanah ini akan kembali kepada Melayu jua, our population are not growing but dwindling, so just keep peace and eventually the Chinese will be gone soon. Before that, let us the Chinese who love peace enjoy this soil where we were born as this is the only place we know. I was never a supporter of DAP and will never be one but I will refrain from voting (u know why). Until then, I just wish to say, I really miss the good old days, when as kids, we know not skin colour we had but just enjoy the moment together. But, as we grow older, political realities struck us.

  19. Anonymous2:49 pm

    laws/regulations are for the rakyat only. The powerful or the ones in power exempt themselves from it and even apply them biasedly. For eg the colour yellow is illegal and barred (most nonsensical - what are the person with a yellow car to do? ) however red is ok.
    We hear again and again how the small fishes are caught but the big ones got free. Well now, it seems the monster fish turn around and bit the catcher.
    So it's nothing to shout about if our country is lauded for it's antilaundering successes.
    Lastly I feel sad that so many malays feel they can be denied their honour.little do they realised that they are actually lacking in morals.
    By the way I'm a malay & proud of it.

  20. Anonymous3:39 pm

    William Gerard = FAKE

  21. Anonymous12:20 am

    Kami penyokong DS Najib merayu dan menyeru agar WSJ dan Sarawak Report disaman dan menuntut ganti rugi atas fitnah yang dilakukan oleh kedua dua media barat ini.

    Jika saman tidak dapat dilakukan di negara ini, maka pemulaan saman boleh dan perlu dilakukan di US dan UK! Malah adalah terbaik jika dilakukan saman dinegara mereka!

    PM perlu bertindak untuk membersihkan unsur2 negatif ini kerana kerana jika PM berjaya menyaman di negara mereka, sekaligus akan menaikkan nama PM.

    Jika PM tidak cukup wang, bolehlah PM beri no akaun untuk masukkan sedikit sumbangan ikhlas dari kami

  22. Anonymous9:25 am

    Bru, tepuk dada tanya selera, you can be true to your vocation but sometimes you can also get screwed from a person or persons you think you could trust.