Malaysia

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Malaysia, US ink bilateral deal to share info on tax dodgers

Malaysia and the United States (US) have strengthened bilateral tax relations with the implementation of the Foreign Account Tax Compliance Act (FATCA), said the Ministry of Finance (MoF). In a statement today, the ministry said the enactment of FATCA was following the conclusion of an intergovernmental agreement signed on July… Read More

Shipping industry seeks to combat dark oil transfers at sea

Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them. Washington has ramped up shipping-related sanctions over the last two years to make it harder… Read More

Malaysia: Umno division chief charged with laundering RM11 million

A Penang Umno leader has been charged at the sessions court here with 106 counts of money laundering amounting to over RM11 million in cash, stocks and property as ‘gifts’ received from various companies. Bayan Baru Umno chief Mansor Musa was charged with receiving kickbacks between Sept 2011 and Aug… Read More
12th July 2021
Malaysia’s government and state fund 1Malaysia Development Berhad (1MDB) are seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund, court documents seen by Reuters showed. Audit firm KPMG on Friday denied the allegations and pledged to “vigorously”… Read More
6th July 2021
The news report on July 1 that the US State Department has downgraded Malaysia’s ranking in its “Trafficking in Persons (TIP) Report” (2021) to Tier 3 (from Tier 2) can only provoke two responses: expected (unsurprised) or unexpected (surprised). Those who are unsurprised at the move will point to the… Read More
15th June 2021
Daniel Perry, 17, thought he was talking to a pretty American girl from Illinois. They soon began swapping pictures online – nothing unusual for two teenagers. The problem was that the girl didn’t exist. Perry, in Scotland, had fallen prey to a gang operating out of the Philippines. After secretly… Read More
9th June 2021
Riza Aziz, one of the producers of hit movie “The Wolf of Wall Street” and stepson to former Malaysian Prime Minister Najib Razak, has been named by 1MDB in a $250 million suit over his alleged misuse of public assets. The case, filed at the Kuala Lumpur High Court… Read More
7th June 2021
Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to the world’s top crude importer. China has over the past 12 months bought an estimated… Read More
24th May 2021
A “Dato Seri” believed to be the mastermind of an illegal gambling syndicate has been arrested in an operation that saw police seize items worth more than RM2 million. Kuala Lumpur police chief Azmi Abu Kassim said the 55-year-old was running a few slot machines in a few premises around… Read More
19th May 2021
The Malaysian Anti-Corruption Commission (MACC) has completed 29 of the 115 initiatives in the National Anti-Corruption Plan (NACP) 2019-2023 as of December 31 last year. MACC chief commissioner Datuk Seri Azam Baki said the other 86 initiatives were still in progress. “Acknowledging that coordinated efforts are crucial to ensure holistic… Read More
17th May 2021
Datuk Seri Najib Razak as the prime minister then was involved in Low Taek Jho’s “nefarious agenda” for 1Malaysia Development Berhad (1MDB) when the government-owned firm’s subsidiary raised US$3 billion of funds in 2013, a former 1MDB CEO claimed in court today. Mohd Hazem Abd Rahman, a former CEO of… Read More
17th May 2021
A Florida man has been sentenced to six years’ jail for fraudulently obtaining US$3.9 million (RM16.56 million) in Paycheck Protection Programme (PPP) loans. He also used part of those funds to purchase a US$318,000 (RM1.31 million) Lamborghini luxury car for himself. In a statement posted by the US Department of… Read More
17th May 2021
While Hamas is launching rockets at Israeli cities and Israel is pulverising Gaza with airstrikes, they are also at war on a very different battlefield. Among the targets Israel has hit in the Gaza Strip are Hamas’s financial offices and five bank branches. Ostensibly these are non-military targets but western… Read More