 |
| Increasing financial corruption and a weakening currency pushes people to try alternative financial systems like Bitcoin. No wonder that Bitcoin is thriving in Malaysia. Photo from The Cointelegraph |
1MDB – Malaysia's Brush with High Level Corruption
1Malaysia Development Bhd,
or 1MDB as it is popularly known, is a state investment vehicle set up
in 2009 to turn Kuala Lampur into a global financial hub. It started to
run into problems in 2015 and has missed repayments on its debt
obligations this year.
More than 10 countries across the world (including US, Switzerland and Singapore) have opened investigations into its affairs.
After a furore over corruption allegations, the advisory
board of 1MDB headed by Malaysian PM Najib Razak was dissolved in May
2016 and a fresh board appointed.
Ordinary Malaysians Frustrated
The corruption-tainted transactions of 1MDB, which was set
up using public money, has left ordinary Malaysians frustrated. The
Malaysian Anti-Corruption Commission Chief stepped down 2 years before
his term ended, in the midst of the probe into the 1MDB scandal.
Certain liabilities of 1MDB are guaranteed by the Malaysian
Government and the failure of 1MDB will increase the budget deficit of
Malaysia.
The Malaysian Ringgit has steadily depreciated since the
start of 2015, driven by low commodity prices (primarily oil) and the
scandal surrounding 1MDB.
Read more on The CoinTelegraph
Related news :
PUTRAJAYA,
Aug 14 — Stern measures including freezing, confiscating and forfeiting
properties acquired by corrupt practises and abuse of power will be
enforced more aggressively to combat corruption in the country.
The new Malaysian Anti-Corruption Commission (MACC) Chief Commissioner, Datuk Dzulkifli Ahmad said the actions would be carried out by using its existing enforcement power and capabilities.
“Among the actions which could be taken are with the provisions of the Malaysian Anti-Corruption Commission Act 2009, the Anti-Money Laundering Act (AMLA), Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said in an exclusive interview with Bernama yesterday.
“In my view, the main factor driving the growing corruption is greed among those vested with power and position regardless of how high or low the posts they hold.
“The motivation for them to get involved in corruption is property and money, so MACC will ensure whatever acquisitions made from income of corrupt and abuse of power means will be frozen and seized by and forfeited to the government, and not just by bringing them, to face justice in court,” he said.
- See more at: http://www.themalaymailonline.com/malaysia/article/macc-to-freeze-seize-and-forfeit-ill-gotten-wealth-from-corruption#sthash.yiew1QZm.dpuf
The new Malaysian Anti-Corruption Commission (MACC) Chief Commissioner, Datuk Dzulkifli Ahmad said the actions would be carried out by using its existing enforcement power and capabilities.
“Among the actions which could be taken are with the provisions of the Malaysian Anti-Corruption Commission Act 2009, the Anti-Money Laundering Act (AMLA), Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said in an exclusive interview with Bernama yesterday.
“In my view, the main factor driving the growing corruption is greed among those vested with power and position regardless of how high or low the posts they hold.
“The motivation for them to get involved in corruption is property and money, so MACC will ensure whatever acquisitions made from income of corrupt and abuse of power means will be frozen and seized by and forfeited to the government, and not just by bringing them, to face justice in court,” he said.
- See more at: http://www.themalaymailonline.com/malaysia/article/macc-to-freeze-seize-and-forfeit-ill-gotten-wealth-from-corruption#sthash.yiew1QZm.dpuf
PUTRAJAYA,
Aug 14 — Stern measures including freezing, confiscating and forfeiting
properties acquired by corrupt practises and abuse of power will be
enforced more aggressively to combat corruption in the country.
The new Malaysian Anti-Corruption Commission (MACC) Chief Commissioner, Datuk Dzulkifli Ahmad said the actions would be carried out by using its existing enforcement power and capabilities.
“Among the actions which could be taken are with the provisions of the Malaysian Anti-Corruption Commission Act 2009, the Anti-Money Laundering Act (AMLA), Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said in an exclusive interview with Bernama yesterday.
“In my view, the main factor driving the growing corruption is greed among those vested with power and position regardless of how high or low the posts they hold.
“The motivation for them to get involved in corruption is property and money, so MACC will ensure whatever acquisitions made from income of corrupt and abuse of power means will be frozen and seized by and forfeited to the government, and not just by bringing them, to face justice in court,” he said.
- See more at: http://www.themalaymailonline.com/malaysia/article/macc-to-freeze-seize-and-forfeit-ill-gotten-wealth-from-corruption#sthash.yiew1QZm.dpuf
The new Malaysian Anti-Corruption Commission (MACC) Chief Commissioner, Datuk Dzulkifli Ahmad said the actions would be carried out by using its existing enforcement power and capabilities.
“Among the actions which could be taken are with the provisions of the Malaysian Anti-Corruption Commission Act 2009, the Anti-Money Laundering Act (AMLA), Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said in an exclusive interview with Bernama yesterday.
“In my view, the main factor driving the growing corruption is greed among those vested with power and position regardless of how high or low the posts they hold.
“The motivation for them to get involved in corruption is property and money, so MACC will ensure whatever acquisitions made from income of corrupt and abuse of power means will be frozen and seized by and forfeited to the government, and not just by bringing them, to face justice in court,” he said.
- See more at: http://www.themalaymailonline.com/malaysia/article/macc-to-freeze-seize-and-forfeit-ill-gotten-wealth-from-corruption#sthash.yiew1QZm.dpuf
