KUALA LUMPUR: Former auditor-general Tan Sri Madinah Mohamed told the High Court here that she was shocked to find out that there were orders to destroy the original 1Malaysia Development Bhd audit report.
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Published on: Sunday, February 07, 2021
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Credit: resilience.org
THE Panama Papers, the world’s biggest leaked documents, highlighted the complex ways used by companies and individuals to conceal the actual beneficiaries of a certain company. It exposed a system that appeared to facilitate economic crime.
There were 142 politicians and their families from 12 countries that put their money into offshore accounts to hide their wealth.
The same modus operandi could also be taking place locally by securing huge government projects amounting billions of ringgits.
One way to overcome corruption and money laundering is by introducing a central registry for ultimate beneficial ownership (UBO) of companies registered in Malaysia.