Recovering 1MDB assets still a tough process, says Azam
MACC chief commissioner Azam Baki said the complex nature of the 1MDB case makes international cooperation crucial.
KUALA LUMPUR : Repatriating assets linked to the 1MDB scandal remains a difficult process as many of these stolen assets are located overseas, says Malaysian Anti-Corruption Commission (MACC) chief Azam Baki.
'This is not something easy. Many of the stolen assets are abroad. Without help from certain experts, it will take us even longer to recover the money.
'There's still a lot of repatriation we need to do,' Azam said at a press conference here today.
The MACC chief commissioner said the complex nature of the case made international cooperation crucial, especially when it came to tracing and retrieving funds that were siphoned into multiple countries.
'It's very messy. There's a lot of tracing, analysis, and cooperation with foreign authorities involved. And we don't have connections in every country.'
Azam admitted that the commission used to work in silos but said it was moving towards stronger collaboration with other agencies and experts.
He said the formation of an accounting fraud working group was a key step towards establishing inter-agency collaboration.
Asked whether this framework would support efforts to recover 1MDB assets, Azam replied: 'Yes, it's heading in that direction.'
Separately, Azam described his reappointment as MACC chief commissioner as a 'great responsibility' and an opportunity to push forward reforms and the anti-graft agenda.
'I'm also committed to improving Malaysia's position in the corruption perceptions index. The launch of the working group is one of the concrete steps towards that goal.'
Azam said that methods of corruption had evolved over time, with perpetrators now using more sophisticated techniques to hide their actions.
This includes falsifying business documents, using proxy companies, and disguising bribes as corporate operating costs
'What's more concerning is that almost all of these fraudulent tactics pass through accounting and auditing systems. If these systems lack transparency or are run by individuals with weak integrity, they not only fail to function as gatekeepers, but can become platforms to conceal wrongdoing and act as enablers.'
Azam said Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023 – an average of RM55 billion a year – describing the amount as 'very alarming'.
'A 2023 study by think tank Emir Research, which also looked at data from various public reports, estimated that total losses reached RM4.5 trillion over a 26-year period from 1997 to 2022.'
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