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https://www.nst.com.my/opinion/columnists/2023/09/958839/staying-one-step-ahead-money-launderers

COMBATING financial crime and money laundering is a cornerstone of a broader agenda to fight organised and serious crime by depriving criminals of ill-gotten gains.s

Apart from prosecuting those who assist in the laundering of such proceeds, a number of strategies can be employed to recover the stolen assets, simultaneously paralysing the operations which benefited from ill-gotten gains.

The Malaysian Anti-Corruption Commission (MACC) is empowered to recover stolen assets via the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFPUAA) 2001.

This law establishes provisions concerning money laundering, the strategies to prevent money laundering and terrorism-financing offences.

It also addresses the seizure of assets linked to or obtained through money laundering, along with properties associated with acts of terrorism, gains from illegal activities and tools used to commit those offences.

In recent years, recovery of laundered money has become more challenging due to the evolving modus operandi of criminals who operate in syndicates and launder ill-gotten gains through legally registered companies with proxies and nominees as fronts to hide their wealth.

Oftentimes, it is done through seemingly legitimate financial transactions and the ill-gotten gains are then spent or used for legal or illegal purposes to generate more income. The money can also be donated to charities, or used to pay for legitimate services or for political funding.

The complexity and fluidity of money laundering make asset recovery all the more challenging.

Furthermore, investigators are challenged by the emerging use of virtual assets and cross-border transactions involving offshore entities in multiple jurisdictions.

Acts of corruption and fraud can be hidden in layers of record and documentation, and conversion of the illegal money can be done through new mediums, such as cryptocurrencies, underground trading, cross-border financial institutions, as well as offshore financial services.

Of paramount importance in AMLATFPUAA 2001 is the recovery of assets to be returned to the government for development budgets, such as the building of schools, hospitals and infrastructure, to benefit the people.

It is quite different in spirit from the Penal Code, which is to charge and mete out harsh punishments to deter would-be criminals.

While that element is also just as important in AMLATFPUAA 2001, it takes a more practical route from the understanding that if you recover the stolen assets, you paralyse the operations that benefited from ill-gotten gains.

Furthermore, relying just on prosecuting the suspects may take long years in court, which may or may not end in conviction.

MACC employs three strategies. Firstly, we focus on investigating high-profile, public interest and sensitive corruption cases.

Secondly, we aim to curb leaks and save government funds and revenue. Thirdly, we work towards curbing corruption among frontliners.

This strategic focus shows our dedication to combating corruption at its most pervasive and damaging levels.

One of the key strategies employed by MACC is the scrutiny of assets and wealth declarations, which inadvertently creates a more transparent environment that discourages corrupt practices.

This strategy not only acts as a deterrent, but also provides a basis for investigating any unexplained wealth, thereby facilitating the identification of ill-gotten gains.

Furthermore, MACC's investigative approach is informed by intelligence analysis and data-driven techniques. One of the main sources of data are the reporting institutions, as compiled under the anti-money laundering law.

This enables us to delve deeper into complex cases, uncover hidden connections, and expose intricate webs of corruption. By leveraging advanced tools and methodologies, we can efficiently gather evidence and build strong cases against those involved in corrupt activities.

Illustrating our commitment are operations — Op Tropicana, Op Hire, Op Hacks and Op Jaguar — to paralyse criminal syndicates.

These efforts not only reinforce Malaysia's commitment to combating corruption on a global scale, but also enhance its reputation as an active participant in international anti-corruption initiatives.

Malaysia has garnered both bouquets and brickbats for being in the centre of what has been called one of the world's greatest financial scandals.

Despite the huge challenge to prosecute and recover assets linked to the 1Malaysia Development Bhd (1MDB) sovereign wealth fund, I am proud to say that MACC has managed to achieve about 62 per cent asset recovery, or RM28.93 billion, with the establishment of the International Task Force on 1MDB asset recovery and prosecution.

This is in comparison to the global success rate of recovering stolen assets of only 30 per cent.

Members of the international task force include Malaysia, the United States, France, Singapore, Switzerland and Luxembourg.

This task force coordinates asset recovery efforts, sharing of information and evidence, discusses the best strategy to address 1MDB internationally, and develops new leads relating to the case.

MACC's strategies are also aligned with international standards and policies set by key organisations, ensuring a commitment to maintain global financial integrity and combat illicit activities.

Specifically, we adhere to the guidelines established by the Financial Action Task Force, an influential intergovernmental body that develops and promotes measures to prevent money laundering, terrorist financing, and other threats to the international financial system.

Furthermore, our practices are in accordance with the recommendations and initiatives presented by the United Nations Office on Drugs and Crime, focusing on countering organised crime and fostering international cooperation, as well as adhering to the principles outlined in the UN Convention Against Corruption.

By aligning our strategies with these international instruments, we contribute to a more secure and stable global financial landscape while actively addressing emerging challenges.

Recognised internationally for our successes in investigating money laundering, MACC was invited to share its experiences at the Asia Pacific Group On Money Laundering (APG) Annual Meeting And Technical Assistance and Training Forum in Vancouver on July 9.

The APG is an intergovernmental organisation that focuses on combating money laundering and terrorist financing. Its annual meetings provide a platform for member countries to collaborate, share insights and discuss strategies to address these financial crimes.

MACC was also invited to give the keynote presentation at the International Seminar on Enhancing Capacity to Recover Stolen Assets in Southeast Asia in Bangkok in May, and the Anti-Corruption Collective Action Roundtable organised by UN Global Compact Network Malaysia and Brunei in March.

In conclusion, the commission's unwavering focus on uncovering grand corruption is reflected in its strategies such as intelligence analysis, identification of ultimate beneficial ownership, parallel investigation with money laundering, and awareness of the latest methodologies — be it investment in high-value paintings, wines, artefacts or use of cryptocurrencies in money-laundering crimes.

This shows MACC's commitment to stay one step ahead of money-laundering crimes in order to uphold the integrity of public and private institutions and foster a fair and accountable society for all.