Government to seize and sell yachts and cars bought with dirty money

KUALA LUMPUR: Cars and yachts bought with money obtained by corrupt means can soon be seized by the government under a new law.
Attorney-General Tan Sri Abdul Gani Patail said the centralised asset management company would seize assets confiscated by the police and Customs and either lease or sell them at the market price instead of letting such assets rot.
“Right now when we complete the case, cars and yachts will only be worth their scrap value,” he said at a briefing of a high level multi-agency special task force to reduce illicit financial flows yesterday.
The task force was established in March 2011 and is chaired by the Attorney-General. Other members are the Customs, police, Immigration, Malaysian Anti-Corruption Commission, Inland Revenue Board and Bank Negara.
Abdul Gani said that should the Government lose the case, the money would be returned to the owners.
Government revenue has seen a marked increase after the task force was formed.
Tax collection by IRB between 2008 and 2010 hovered between RM86.6bil and RM90.7bil but shot up to RM109.6bil in 2011 and RM125bil in 2012.
Duties collected by Customs between 2008 and 2010 ranged between RM26bil and RM28.6bil but saw a rise to RM30.4bil in 2011 and RM32.2bil in 2012.
“It shows the effectiveness of the agency.
“We have set a high target in the next two years and I am sure it can be met,” said Abdul Gani, adding that the new law was now being drafted.