Malaysia seeks to seize Saudi prince’s overseas assets worth US$115 million

The Malaysian Anti-Corruption Commission (MACC) has filed a court order to forfeit overseas assets belonging to Prince Turki Abdullah Al Saud. The application to forfeit assets was filed under Sections 56(1), 59 and 61(2) of the Anti-Money-Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. Around US$115.3 million held in several Swiss bank accounts is subject to the forfeiture order, including funds in JP Morgan (Suisse) and UBS Switzerland. MACC chief commissioner...