Crime & Courts

Court hears how police determined money in Najib's bank account were from illegal activities

KUALA LUMPUR: Datuk Seri Najib Razak swiftly closed one of his private accounts after transferring RM162.4 million purportedly belonging to 1Malaysia Development Berhad (1MDB), into his new account.

Police Anti-Money Laundering Criminal Investigation Division assistant director ACP Foo Wei Min said the account (ending with the digits 694) was closed on Aug 30, 2013, the same day he made the transfer into his new account (ending in 880).

"The remaining balance in his 694 account was RM0.00.

"Previously, a total of US$681 million was credited into the said account (694) by Tanore Finance Corp in March 2013 (a company linked to the fugitive businessman Low Taek Jho)," he said.

Foo, who was the investigating officer for Najib's money laundering case also revealed that the former prime minister had returned US$620 million to Tanore, five months after he received the said monies (US$681 million).

On Jan 26, 2016, the then Attorney-General Tan Sri Apandi Ali said Najib had returned US$620 million in unused personal donations from a member of the Saudi royal family several months after receiving the money.

He said the Malaysian Anti-Corruption Commission (MACC) in their investigation, personally met and recorded statements from witnesses including the donor, who confirmed that the donation was given to the prime minister personally.

Earlier, Foo who testified as the 48th prosecution witness, detailed how he determined that millions of ringgit that flowed into Najib's bank account were a result of illegal activities.

Foo said he was using the 'First-in, first-out' (FIFO) methodology to calculate the flow of money in the former prime minister's account.

In money laundering investigations, FIFO tracks the order of funds deposited, focusing on identifying the initial, potentially illicit source of funds.

He said through this method (FIFO), the investigator is able to separate the US$681 million of funds that had originated from Tanore in Najib's account from other funds already there.

Najib, 70, is facing four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.

Hearing before presiding judge Datuk Collin Lawrence Sequerah continues.

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