Malaysia is looking at introducing legislation similar to the newly introduced UK’s Unexplained Wealth Order (UWO), said Finance Minister Lim Guan Eng.
The UWO is a UK law under its Criminal Finances Act 2017, which allows for a court to issue an order to to compel someone to reveal their sources of wealth. It also allows the UK National Crime Agency to seize the assets of those who fail to account for their wealth.
The Attorney General has been tasked to study the UWO, for possible application in Malaysia.
Guan Eng said said a law like the UWO will enable the government to seize “extraordinary assets” owned by individuals, especially politicians.
“We want to get the government’s money back, this is why the attorney general is studying this provision introduced in the UK,” he said during a dialogue session on Budget 2019 at Equatorial Hotel, Penang.
Lim said the government will definitely look for ways to get back all of its money, especially the funds lost through 1Malaysia Development Bhd (1MDB).
Sources: The Malay Mail, The EdgeMarkets, The Malaysian Insight