NGO suggests liquidating seized corruption assets to reduce national debt

KUCHING: Transparency International Malaysia has suggested that seized assets and fines from cases of corruption be liquidated and channelled towards Tabung Harapan to help the government reduce the national debt.

In a press statement by its president Datuk Akhbar Satar yesterday, the NGO noted that between 2016 and 2017, the Malaysian Anti-Corruption Commission ( MACC) had frozen and seized approximately RM670 million, which included cash, gold bars, luxury cars, branded handbags and jewelleries.

Akhbar cited as an example, the Saudi Arabian government, which had seized more than US$124 billion in a corruption purge in early 2018.

“Crown Prince Mohammed appeared to have won widespread approval amongst ordinary Saudis for this purge, partly because the government had promised it would use some of the money it seizes to provide social benefits.

“This was a good move and the Malaysian government may consider adopting this approach as well,” he said in the statement.

Meanwhile, the NGO also urged the government to seriously enforce Anti- Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) to serve as a warning to the criminals that crime does not pay.

“The introduction of the Act serves to impose criminal sanctions upon any person involved in proceeds derived through illegal or illicit means.”

AMLATFPUAA seeks to provide law enforcement and regulatory agencies with a most effective tool to prevent money laundering and terrorism financing.

The Act also provides wideranging investigation powers including powers for law enforcement agencies and the Public Prosecutor to freeze, seize and confiscate or forfeit the proceeds or properties that are involved or suspected to be involved in money laundering or terrorism financing and gives power to the court to forfeit properties derived from the proceeds of serious crimes.

The AMLATFPUAA law is very powerful in that it places the burden on the suspect to explain in the court of law the source of the money in his control or possession. He has the duty to prove or provide the paper trail or documented evidence to show that the money and assets were acquired from legal sources such as business, borrowed money, dealings, inheritance or even lottery.