The 1Malaysia Development Berhad (1MDB) scandal, first uncovered in 2015, remains one of the world’s most infamous financial crimes. The world was left shocked when it emerged that around RM 20.1 billion (about $4.5 billion) intended for Malaysia's economic development was stolen and hidden across banks from New York to Zurich to Abu Dhabi.
The scandal, which relied on exploiting weak Western financial systems, led to the downfall of ex-Prime Minister Najib Razak, who is being tried in court for his alleged crimes.
But investigators say Najib’s close associate, Low Taek Jho—better known as Jho Low—was the real mastermind behind the theft. Low remains a fugitive today and is believed to be hiding in China.
While Malaysia has worked tirelessly to recover its stolen assets and bring those responsible to justice, a truth has become clear: Western financial institutions must do more to prevent their systems from being used to hide stolen
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