Prime Minister Najib Abdul Razak has stressed that the donation of RM2.6 billion deposited into his account is neither from a public fund nor the government's strategic investment company, 1MDB.Asked why the funds were deposited into his account, the prime minister explained that it was the donor's wish and the donation was made in a personal capacity.He said that the Bank Negara was notified when the account was created.So, there is no intention at all to cheat or to commit an offence because Bank Negara had been notified about the existence of this account.But do not be confused. The account is in my name, but it is not like a personal account.Everything about the 1MDB can be known" EXCEPT 1.the name of the donor, 2.why it was not disclosed to either UMNO or the Deputy President or the ROS, 3. Where the money is now, 4. How it was spent with a full set of accounts, 5. Why I subverted the investigation, removed the AG, transferred the MACC officers and removed the PAC members, 6. Why I ran away from Parliament to avoid explaining the billions. Najib, what logic is this? And what a good timing before Umno AGM.Firstly,,this is clearly a case of corruption. Why should anyone donate 2.6 billion ringgit to Najib? What does he get back in return? How was the donation used? Secondly, this is a case of gross mismanagement of public funds. 1MDB is so much in debt that it is now scrambling to ' resolve the issue'. Thirdly, this is a massive cover up. The sackings , arrests and removals of key people involved in the investigation speaks volumes that something fishy is going on. It is obvious that the rakyat is not satisfied with the explanations given so far. We demand to know the truth.
NAJIB CONFIRMS HIS OWN GUILT:
All those who thought Najib would do his Hitler duck walk and waddle past the winning post even before UMNO got its act together are bewildered by recent events Najib has stepped down. (A bit late though. The damage is done. By his own admission things were happening round him which he knew nothing about.The game just got messier. And messy is good for the new politics.as expected, corruption is one of the key issues. Fuelled by a spate of scams, the common man of the country has never been as interested in the debate over corruption Of course, while we all know of big-ticket corruption We have finally figured that politics is far too important to be left to thugs, scoundrels, scamps and scallywags.If all else fails, UMNO has one last option. said Mahathir There's a man sitting in Putra Jaya who can, in a jiffy, put Humpty Dumpty together again. And more important, he has friends in Suprime council. But the question is: Can they cajole him to re-enter the game?
Prime Minister Najib Abdul Razak should be detained under the Security Offences (Special Measures) Act (Sosma) for Financial thoughtcrime money laundering, former premier Dr Mahathir Mohamad said today.
Police arrested a former Umno official, Datuk Khairuddin Abu Hassan, who has met regulators in various countries to push for investigations. He has been charged with seeking to undermine the government
"Khairuddin Abu Hassan was arrested, detained under Sosma (for lodging police reports on 1MDB).
prime minister Najib has used the blunt force of his government, in power for 58 years, to stymie Malaysian probes into billions of ringgit in mysterious overseas fund movements deposits to Najib's accounts "political donations" from unspecified Middle Eastern sources. Mahathir has called that "absurd"
Jho Low is credited with designing laundering techniques, the use of the "loan-back" concept, which disguised allegedly illegal money within "loans" provided by compliant foreign banks.
Financial thoughtcrime money laundering is the process of making illegally-gained proceeds. "dirty money" appear legal "clean". Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean Mounting investigations by US and other foreign authorities are undermining Datuk Seri Najib Razak's attempts to quash corruption allegations, and analysts said they could further hasten his descent into an international pariah, even if criminal charges are dodged.
the Federal Bureau of Investigation and U.S. Justice Department’s Kleptocracy Asset Recovery Initiative is investigating both the $11 billion of losses of 1MDB but also the transfer of $700 million of funds into Prime Minister Najib’s personal account from an unnamed Middle Eastern source. Earlier the Wall Street Journal reported that the FBI has started investigations into allegations of money laundering related to 1MBD this joins investigations by Singapore, Switzerland, Hong Kong, and United Kingdom. One has to assume there is a certain amount of coordination going on behind the scenes to get to the bottom of what is going on.
These investigations are now happening in places where some of this money was have become inured to ruling-party corruption, but the scale of the latest scandal has provoked disbelief. It began last year with allegations that perhaps more than a billion dollars went missing from overseas transactions by a Najib-linked state company, and was capped in July by the startling revelation that RM2.6 billion was transferred into the prime minister’s own bank accounts
Al Capone was convicted in October 1931 for tax evasion, which is what earned the prosecutor's conviction rather than the predicate crimes that generated his illicit income. Capone's episode inspired Meyer Lansky, the mob's accountant, who structured elaborate international and Swiss financial facilities for safely securing money and vowed never to suffer Capone's fate. Other jurisdictions define money laundering to include money from activity that would have been a crime in that jurisdiction, even if it were legal where the actual conduct occurred. This broad brush of applying the term "money laundering" to merely incidental, extraterritorial, or simply privacy-seeking behaviors has led some to label it "financial thoughtcrime". money laundering is the act of concealing money or assets from the state to prevent its loss through taxation, judgment enforcement, or blatant confiscation. "Anyone who has studied the evolution of money-laundering statutes in the U.S. and elsewhere will realize that the 'crime' of money laundering boils down to a single, basic prohibited act: Doing something and not telling the government about it."
Jurisdictions define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations.
Given the Prime Minister Najib has acknowledged his personal bank account – and all of that money came through the United States – unless every source and use of those funds has been legal, depending on how the facts unfold Najib could be subjected to a raft of criminal laws in the United States from criminal conspiracy to wire fraud to violations of the Foreign Corrupt Practices Act or to violations of the Racketeer Influenced and Corrupt Organizations Act.
Money obtained from certain crimes, such as extortion, insider trading, and illegal gambling is "dirty". It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods, which vary in complexity and sophistication., originated from a legitimate source. dodgy transactions, as long as they weren’t completed in U.S. dollars. But a little focused on but essential fact about this story is that Mr. Najib received his $700 million in U.S. dollars and all dollar-denominated transactions must pass through and be subject to the full law enforcement jurisdiction of the United States. It appears Najib’s love of all things American may get the better of him.
Buried in the details of the news reporting is that the $700 million, allegedly from a Middle East donor, came via an offshore fund through a Swiss private bank via Wells Fargo & Company, an American bank. Most of the funds transferred to Mr. Najib’s account were transferred out after the 2013 elections to unknown recipients as well.