KUALA LUMPUR, Sept 4 — Police investigation on former 1Malaysia Development Berhad (1MDB) lawyer Jasmine Loo Ai Swan is almost 75 per cent complete, according to...
KUALA LUMPUR, Sept 4 — Police investigation on former 1Malaysia Development Berhad lawyer Jasmine Loo Ai Swan is almost 75 per cent complete, according to Inspector-General of Police Tan Sri Razarudin Husain.“However we currently cannot reveal which of her assets have been identified.
Section 4 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 states that any person who engages in, attempts to engage in or abets money laundering activities shall be liable to a fine of up to RM5 million, imprisonment of up to five years, or both. Based on a US court filing on August 28 via a forfeiture complaint, the US government wants to forfeit Pablo Picasso’s pencil on paper drawing known as “Trois Femmes Nues et Buste D’Homme”, as well as all the funds and assets in a Switzerland-based bank’s bank account held under the name of Loo’s Glen Vine Partners Limited. The current balance of Glen Vine’s bank account at the “ONE Swiss Bank” is approximately US$432,203.01 .