Guernsey Law Officers co-operate with USDJ on 1MDB, the billion-dollar Malaysia corruption case.

On Thursday, June 20, 2024, the Guernsey Law Officers reported that they had worked with the US Department of Justice in its investigations regarding the misappropriation of funds by high-level officials of 1MDB. This has resulted in the Department of Justice being able to repatriate a total of $1.4 billion back to the people of Malaysia.

Further details can be found on the Department of Justice website [LINK AND READ BELOW]

HM Procureur stated.

1. "The Law Officers Chambers have an excellent working relationship with the Department of Justice (DoJ), as evidenced by the successful recent visit to Guernsey by two DoJ colleagues during which we discussed a series of issues of mutual interest. 
2. Accordingly, we are delighted that we have assisted with its recent investigations into 1MDB, resulting in a successful repatriation of monies back to the people of Malaysia. This demonstrates our ongoing determination to assist our colleagues overseas in ensuring that victims of financial crime have their assets restored".

Justice Department Repatriates $1.4B Misappropriated 1MDB Funds to Malaysia - Thursday, June 13, 2024

• The Justice Department announced today that it has repatriated an additional $156 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned by the department to approximately $1.4 billion.
• According to court documents, the funds from 1MDB, formerly Malaysia’s investment development fund, were laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg.
• As alleged in the civil forfeiture complaints, from 2009 through 2015, high-level officials of 1MDB, their associates, and Low Taek Jho, also known as Jho Low, misappropriated more than $4.5 billion in funds belonging to 1MDB through a criminal scheme involving international money laundering and embezzlement.
• Some of the embezzlement proceeds were also allegedly used to pay bribes.
• Beginning in 2016, a landmark effort encompassing 41 civil forfeiture actions filed in the U.S. District Court for the Central District of California and one in the U.S. District Court for the District of Columbia by the Money Laundering and Asset Recovery Section (MLARS) of the Justice Department’s Criminal Division led to the seizure of over $1.7 billion in stolen assets. This is the most significant recovery under the department’s Kleptocracy Asset Recovery Initiative.
• The funds include funds finally forfeited and funds the department assisted in recovering and returning. The department continues to litigate actions against additional assets allegedly linked to this scheme.
• The government of Malaysia created 1MDB to promote economic development in Malaysia through global partnerships and foreign direct investment.
• Its funds were intended to be used for improving the well-being of the Malaysian people. Instead, funds held by 1MDB and proceeds of bonds issued for and on behalf of 1MDB were misappropriated and spent on a wide variety of extravagant items, including.
1. Luxury homes and properties in Beverly Hills, New York, and London;
2. A 300-foot superyacht; and
3. Fine art by Monet and Van Gogh.
• The funds were also sent into numerous business investments, including
1. A boutique hotel in Beverly Hills,
2. A movie production company that made “The Wolf of Wall Street,”
3. The redevelopment of the Park Lane Hotel in Manhattan, and
4. Shares in EMI, the largest private music rights holder.
• As alleged, other funds were provided to various public officials and co-conspirators.

Countries involved in the investigation

• Significant assistance has also been provided to the department throughout its work in the investigations and civil and criminal litigation by the
• Attorney General’s Chambers of Malaysia,
• The Royal Malaysia Police,
• The Malaysian Anti-Corruption Commission,
• The United Kingdom Financial Conduct Authority,
• The United Kingdom Prudential Regulation Authority,
• The United Kingdom National Crime Agency (NCA),
• The Attorney General’s Chambers of the Territory of the British Virgin Islands,
• THE ATTORNEY GENERAL’S OFFICE OF THE BAILIWICK OF GUERNSEY AND THE GUERNSEY ECONOMIC CRIME DIVISION,
• The International Anti-Corruption Coordinate Centre, the Attorney General’s Chambers of Singapore,
• The Singapore Police Force–Commercial Affairs Division,
• The Office of the Attorney General and the Federal Office of Justice of Switzerland,
• The judicial investigating authority of the Grand Duchy of Luxembourg,
• The Criminal Investigation Department of the Grand-Ducal Police of Luxembourg, and
• Indonesian authorities.
• Latvian authorities, and
• French authorities.

SOURCE

https://www.guernseylawofficers.gg/article/201303/Law-Officers-co-operate-with-US-Department-of-Justice-on-billion-dollar-Malaysia-corruption-case