KUALA LUMPUR (Jan 9): The Australian Federal Police (AFP) is investigating whether any ill-gotten gains connected with sovereign fund 1Malaysia Development Bhd (1MDB) has been stashed in Australia. According to a report by The Australian today, AFP officers are assisting at least one of the three known authorities — the Swiss, the Americans and the Singaporeans — investigating the fate of US$3.5 billion allegedly looted from 1MDB. An AFP spokeswoman was quoted as saying that the force was “evaluating” whether any Australian citizens, residents or companies had breached proceeds-of-crime laws. “Another figure linked to the 1MDB scandal, convicted Singaporean banker Yeo Jiaewei, has been named in court in Singapore as accumulating an A$6 million Australian property portfolio,” it added. He has been sentenced to 30 months’ jail for tampering with witnesses to hide his illicit wealth and conceal his ties to Jho Low.

Source: The Edge Markets January 09, 2017 11:08 UTC