This was confirmed in a letter by Swiss Financial Markets Authority (Finma) on May 10 to Basel-based NGO Bruno Manser Funds (BMF), made available to Malaysiakini in a press statement by the latter last night.
The letter was in response to an alert by Switzerland President Micheline Calmy-Rel who received a report on Abdul Taib from the BMF.
In an April 8 letter to the BMF, President Calmy-Rel said that she had viewed their report with great interest."We have read your precise description of the situation of Abdul Taib Mahmud (left) and his entourage as well as their relations with Switzerland with great interest.
"As (Finma) exercises central supervision over banks, insurance, corporations, the stock exchange, securities, dealers and further financial intermediaries, and as Finma plays a central role in the fight against money laundering we have forwarded your letter to Finma," she said.
Restitution of criminally acquired funds
Founded in 2007, Finma is a regulatory body that is institutionally, functionally and financially independent of the federal government and its department of finance, and instead reports directly to Parliament.
In her letter, Calmy-Rel said that Swiss laws allow assets from criminal origins to be restituted to the country of origin.
She added that regulations also allow the Swiss government to take the initiative to freeze the assets on its own accord for the purpose, to assist in trials against the stealing of assets.
"However, such a procedure might not achieve its intended purpose in the case brought up by you... As long as the persons concerned are in power, the necessary requests for judicial assistance are hardly likely to be submitted.
"Without any prospect of a judicial examination of the potential criminal origin of such assets however, it makes little sense to freeze them," she said.
Among others, BMF had raised alarm over a US$350 million (RM1,054 million) transaction by the Sarawak state-owned Sarawak Corporate Sukuk in Labuan, Malaysia's offshore financial centre via Swiss bank UBS, which transaction it believes was above board.
'Will M'sia follow Swiss lead?'
In an immediate reaction, Sarawak PKR chief Baru Bian urged the Malaysian authorities to also confirm whether Taib is currently under investigations.
“For months now, Taib has stubbornly refused to respond to the numerous reports at the Sarawak Report whistle-blower website alleging his corruption.
“The Malaysian Anti-Corruption Commission (MACC), despite receiving a profusion of reports from the public and NGOs, has not been able to give us a clear answer on what it is doing about such reports,” he said.
He said that Prime Minister Najib Abdul Razak, Taib and MACC can no longer remain silent in view of the Swiss investigations.
Furthermore, Baru points out that Calmy-Rey had also made an implicit demand for Malaysia to freeze potentially ill-gotten assets.
“The onus is now on Najib to redeem Malaysia's tarnished image abroad. I reiterate that elegant silence on the part of Taib and the MACC has ceased to be an option as Malaysia's reputation is now in question and heavily at stake.
“The public demands answers and they demand them now. More so we the people of Sarawak," he said.
“For months now, Taib has stubbornly refused to respond to the numerous reports at the Sarawak Report whistle-blower website alleging his corruption.
“The Malaysian Anti-Corruption Commission (MACC), despite receiving a profusion of reports from the public and NGOs, has not been able to give us a clear answer on what it is doing about such reports,” he said.
He said that Prime Minister Najib Abdul Razak, Taib and MACC can no longer remain silent in view of the Swiss investigations.
Furthermore, Baru points out that Calmy-Rey had also made an implicit demand for Malaysia to freeze potentially ill-gotten assets.
“The onus is now on Najib to redeem Malaysia's tarnished image abroad. I reiterate that elegant silence on the part of Taib and the MACC has ceased to be an option as Malaysia's reputation is now in question and heavily at stake.
“The public demands answers and they demand them now. More so we the people of Sarawak," he said.
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