Now Aussie Police Starts Probe Against 1MDB. Here's All You Should Know
It is now the seventh country to investigate the scandal-hit state fund.
By Sadho Ram — 12 Jan 2017, 11:55 AM
The new year has brought newer worries for the scandal-hit, debt-ridden sovereign wealth fund, 1MDB. On Tuesday, the Australian Federal Police (AFP) said they are working with international law enforcement agencies to investigate companies linked with 1MDB.
"The AFP are aware of allegations relating to companies linked with 1MDB and have assisted our foreign law enforcement partners with their investigations in relation to a number of these matters. As the AFP continue to evaluate these allegations, it would not be appropriate to provide any further comment at this time," TODAY reported.
While an AFP spokeswoman confirmed the 1MDB investigation to Australian Associated Press, she did not name which international law enforcement agency, or agencies, the AFP is working with
However, according to The Australian, the AFP are assisting either the Swiss, American or Singaporean authorities in their investigations.
The newspaper added that the AFP is evaluating whether any Australian citizen, resident or company had breached proceeds-of-crime laws.
Australia is now the seventh country to start a probe into 1MDB, which is the subject of money laundering investigations in six other countries including Switzerland, Singapore and the United States
The US Department of Justice has brought a civil suit to recover funds after claiming that more than USD3.5 billion had been misappropriated from the state fund.
It is seeking to seize USD1 billion in assets it claims were bought using funds diverted from 1MDB to buy luxury real estate, valuable paintings and even a private jet.
Singapore, on the other hand, has charged people for their involvement in transactions linked to 1MDB. So far, 5 people have been convicted and sentenced to jail terms.
On Wednesday, Jens Fred Sturzenegger, a Swiss banker, was jailed for seven months in Singapore for money laundering and other offences related to 1MDB.
Sturzenegger, who headed the Singapore branch of Swiss lender Falcon Private Bank, was also fined SGD128,000 (USD89,000) after he pleaded guilty at a district court.
Swiss banker Jens Fred Sturzenegger (left) arrives with his lawyer Tan Hee Joek (right) at the state court in Singapore on January 11, 2017.
Image via AFP via The Malay Mail OnlineInterestingly, Australia's 1MDB probe comes just a week after Prime Minister Najib Razak left the country after holidaying with his family
You can read about Najib's holiday in Australia along with how the tracking of Government jet was no longer available to public after his vacation there.