The Malaysian Anti-Corruption Commission (MACC) is stepping up its investigation of an international law firm over alleged involvement in financial transactions suspected to be linked to illicit proceeds from 1Malaysia Development Berhad (1MDB).
According to a MACC source, the law firm is believed to have been involved in misappropriating USD1 billion from 1MDB funds, including the transfer of about USD700 million to an offshore entity beyond 1MDB’s control.
“As such, the MACC is also investigating and gathering additional information on a former 1MDB Business Development executive director, who is believed to have links to funds suspected to have been misappropriated in connection with the 1MDB case.
“This investigation was launched based on information and intelligence obtained through meetings and discussions with several countries, which involved cross-border financial transactions and the role of professional parties in dealings related to 1MDB,” the source said.
The source added that MACC is seeking additional information regarding several other individuals on its radar for the purpose of asset recovery for the country.
