MACC to investigate Pandora Papers

By Shawaliah Hadir

KUALA LUMPUR – Minister at Prime Minister’s Department (Parliament and Law), Datuk Seri Dr Wan Junaidi Tuanku Jaafar will order several authorities to conduct investigation on the Pandora Papers.

The investigation would involve the Malaysian Anti-Corruption Commission (MACC), Bank Negara Malaysia (BNM) and the Royal Malaysia Police (PDRM).

He said, the authorities and relevant agencies will be given a timeframe to complete the investigation.

“I give my guarantee. I will invite all agencies mentions, MACC, BNM, PDRM and other agencies and give them orders from the Prime Minister to conduct investigation. We will discuss and determine a date to provide an answer to the Parliament on the result of the investigation.

“A different government would have a different approach, thus now, let’s give a chance to Prime Minister, Datuk Seri Ismail Sabri and I guarantee you that we will take action although it happened in 2012,” he said in reply to the addition question from the Member of Parliament (MP) of Port Dickson, Datuk Seri Anwar Ibrahim (PKR) at the Dewan Rakyat today.

Anwar asked if it is impossible for the government to set a clear order to the MACC and give a timeframe to take actions as the revelation involved activities that happened about 10 years ago.

Meanwhile, Wan Junaidi said that the MACC has yet to investigate on the Pandora Papers. On the contrary, the agency is in the process of getting further information on the disclosure.

“The MACC will hold discussions with other relevant agencies, including the BNM to ensure the coordinates of investigation so that it can run smoothly,” he added.

Elaborating further, Wan Junaidi said that having an offshore account is not an offence under the Malaysian law.

Nevertheless, actions can be taken if there is an evident of criminal offence committed by any individual or company.

He said, Malaysia’s offshore financial activities are regulated by the Labuan Financial Services Authority (Labuan FSA) through the Labuan Financial Services and Securities Act 2010 (Act 704) and the Labuan Islamic Financial Services and Securities Act 2010 (Act 705).

“The joint-regulation and enforcement activities are done through the National Anti-Financial Crime Centre (NFCC), border control and enforcement, including monitoring invalid cashflows,” he said.

According to Wan Junaidi, the government would not interfere with the authorities is there is any report on anyone who requires further investigation.

Meanwhile, he also said that a discussion will be held with the Prime Minister so that those involved with the Pandora Papers, including the Members of Parliament can give an explanation to the Dewan Rakyat.

The Pandora Papers revealed that hundreds of world leaders, politician, billionaires, celebrities, religious leaders and drug dealers are hiding their money and investments through property ownership, luxury yacht and other assets throughout the past 25 years.

The matter was exposed through 12 million files owned by 14 firms globally.

According to the Pandora Papers, two individuals from Malaysia are among the 336 politicians who allegedly own offshore accounts and 118 offshore companies are also owned by Malaysians. -MalaysiaGazette