Mahathir Asset Tracking: MACC & UK Anti-Graft Probe
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MACC Investigates Tun Dr Mahathir and Sons Over Undeclared Assets
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Malaysia’s anti-corruption agency (MACC) is continuing its examination into former Prime Minister Tun Dr Mahathir Mohamad and his sons, focusing on potential undeclared assets, especially those believed to be held in the United Kingdom. The probe is leveraging a new Mutual Legal Assistance (MLA) agreement to enhance international asset recovery efforts.
Last updated: September 10, 2024, 01:52:27 UTC
investigation Details and Timeline
The MACC initiated the investigation in April 2024, identifying Tun Dr Mahathir as one of several high-profile individuals under scrutiny for failing to declare assets as required by anti-corruption legislation. This triggered formal notices to his sons,Tan Sri Mokhzani Mahathir and Mirzan Mahathir,to declare their wealth,with legally mandated deadlines.
As of january 21, 2024, declarations submitted to the MACC revealed that Tan Sri Mokhzani Mahathir possessed assets valued at approximately RM1 billion (roughly $215 million USD as of September 10, 2024), while Mirzan Mahathir declared assets worth RM246.2 million (approximately $53 million USD as of September 10, 2024). Bernama reported these figures initially.
Currently, the MACC’s focus is on assets believed to be owned by Tun Dr Mahathir in the UK, according to MACC Chief Commissioner Tan Sri Azam baki’s statement on September 9, 2024. The investigation is ongoing.
International Cooperation and MLA Agreement
To facilitate the investigation, particularly concerning overseas assets, Malaysia entered into a Mutual Legal Assistance (MLA) agreement in December 2024. This agreement is designed to streamline international asset recovery and anti-corruption efforts, enabling more effective cooperation with foreign enforcement bodies.
A source familiar with the investigation,speaking on condition of anonymity,emphasized the complexities involved in tracing and repatriating misappropriated assets across international jurisdictions. ”It’s a long and complex process, involving international legal instruments and cooperation from various foreign enforcement bodies… but the investigation will continue transparently to ensure any unlawfully acquired assets are returned to the country,” the source stated.
Legal Framework
The investigation is being conducted under two key pieces of legislation:
- MACC Act 2009 (Section 36): This section pertains to the declaration of assets by individuals under investigation.
- Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA): This act addresses the prevention and prosecution of money laundering and related offenses.