Malaysia and Switzerland: How to Build Trust?

Malaysia and Switzerland: How to Build Trust?

The Swiss government is looking to absorb 104 million Swiss Francs of funds allegedly misappropriated from 1Malaysia Development Berhad /1MDB ( a public investment fund established by the Malaysian prime minister in 2009 to encourage economic development in the country) and laundered through the Swiss financial system.

Of course the Swiss government is normally allowed to recover illegally generated profits and keep the money on grounds that there were no claimants. Moreover, The Finance Minister Ueli Maurer has confirmed that the funds had already flowed into the Federal Treasury because there were no claimants.

Geneva Council for International affairs and development – GCIAD is very concerned about suspicious money transfers linked to the 1MDB Malaysian fund going through Swiss financial institutions and noted that the sum suspected to have been misappropriated is between 10 and 14 billion dollars and that a portion of the money was transferred to accounts held in Switzerland by various Malaysian public officials and both former and current public officials from the United Arab Emirates.

GCIAD, therefore calls upon Switzerland to:

• Review the decision to confiscate the amount and keep it
  
• Continue to fight and combat global money-laundering and change its asset recovery laws
  
• Urge parliament members to review the decision and return part of the assets to the Malaysian people
  
• Clearly identify those who are suspected of being bribed and are responsible of the crimes of money laundering and criminal mismanagement even if they are foreign public officials

GCIAD is also seriously concerned that the Malaysian government seems, according to the Swiss General Attorney, not claiming the confiscated worldwide amounts linked to the corruption and calls upon the Malaysian government to meet the agreement terms and conditions between the two countries’ attorneys general to support each other’s investigations. It is also important to explain the billions missing from the fund, provide information about money transfers, account ownership details and accept ongoing assistance from Switzerland and other countries who have already announced the case.