KUALA LUMPUR – Authorities are focusing their probe into the offshore assets of several Malaysians implicated in the Pandora Papers on the source of their wealth and whether they swindled public funds.
Law and Institutional Reform Minister Datuk Seri Azalina Othman Said said the investigations were initiated taking into account the fact that some of the names mentioned previously held government positions.
“These revelations show how important it is to explain to the public the suspicious wealth of certain individuals.
“The rakyat needs to know how those named (in the document) obtained or accumulated their tremendous wealth which are said to be stowed offshore.”
Azalina said this in a parliamentary reply to Mohammed Taufiq Johari (Sg Petani-PH) on developments relating to the investigation into the Pandora Papers revelation, and if the government intends to table the findings in Parliament later.
The Pandora Papers are leaked documents of data published by the International Consortium of Investigative Journalists in 2021, exposing secret offshore accounts of politicians, celebrities, and business leaders.
Among high-profile Malaysians named in the document are former finance ministers Tun Daim Zainuddin and Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
Azalina said an analysis working group – comprising the likes of Bank Negara Malaysia, police, Malaysian Anti-Corruption Commission (MACC), Inland Revenue Board, National Anti-Financial Crime Centre and the Labuan Offshore Financial Services Authority – has been set up to probe possible illicit financial flows.
She said a detailed analysis is necessary considering the setting up of offshore companies and bank accounts do not necessarily equate an offence.
“However, these can be abused by financial criminals, tax evaders, and those taking bribes, especially by resorting to ‘layering’ to avoid their illicit wealths from being detected.”
Separately, Azalina noted that MACC has also initiated an investigation into the Pandora Papers, with its probe involving individuals possessing offshore companies and accounts.
She said examination of documents concerning these individuals are ongoing, while the authorities are also currently in the process of obtaining financial details and documents from overseas. – The Vibes, March 2, 2023
