Dr Mahathir questions if 1MDB was involved in money laundering

(The Star) – Former premier Tun Dr Mahathir Mohamad (pic) has questioned whether 1Malaysia Development Berhad (1MDB) was involved in money laundering.

In a blog post on Thursday, Dr Mahathir suggested that the explanation that US$1bil was being kept in Singapore to facilitate withdrawals, as Bank Negara would disrupt transactions of more than US$50mil, did not add up.

“To my knowledge, banks have been instructed to questions deals more than RM50,000. If the deal has no relation to ‘money laundering’, which is illegal, it is not a problem.

“The question is was 1MDB, with the knowledge of its adviser, involved in money laundering, which is why the money from the Cayman Islands had to be kept in Singapore.

“Singapore also checks its transactions thoroughly to deter money laundering. Did 1MDB not know of the Monetary Authority of Singapore’s (MAS) rules?” he said.

Dr Mahathir further questioned Bank Negara’s refusal to provide information on the report received by MAS.

“On Bank Negara’s refusal to give information about the report made by MAS in Singapore, if it is found to be protecting untruths about 1MDB’s money, said to be in Singapore, it is a crime under the country’s criminal law,” he said.