KUALA LUMPUR, Sept 4 — Police investigation on former 1Malaysia Development Berhad (1MDB) lawyer Jasmine Loo Ai Swan is almost 75 per cent complete, according to Inspector-General of Police Tan Sri Razarudin Husain.

He added that Loo’s assets have been marked for confiscation, Utusan Malaysia reported today.

"However we currently cannot reveal which of her assets have been identified.

"The investigation is now almost 75 per cent complete under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act,” he was quoted as saying.

Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) states that any person who engages in, attempts to engage in or abets money laundering activities shall be liable to a fine of up to RM5 million, imprisonment of up to five years, or both.

Razaruddin said that the police are expected to hand Loo over to the Malaysian Anti-Corruption Commission as early as next week for the investigation related to money laundering to be conducted by the anti-graft agency.

Last Friday, the United States government filed a civil suit in a bid to seize an artwork by famous Spanish artist Pablo Picasso, which it claimed was purchased by Loo using US$1.3 million misappropriated from 1MDB.

Based on a US court filing on August 28 via a forfeiture complaint, the US government wants to forfeit Pablo Picasso’s pencil on paper drawing known as "Trois Femmes Nues et Buste D’Homme”, as well as all the funds and assets in a Switzerland-based bank’s bank account held under the name of Loo’s Glen Vine Partners Limited. The current balance of Glen Vine’s bank account at the "ONE Swiss Bank” is approximately US$432,203.01 (over RM2 million at today’s currency exchange rate).

On August 17, another report by Utusan Malaysia quoted an unnamed source as saying that two vehicles and RM30,000 in Loo’s account have been seized by the authorities in connection with the 1MDB scandal.

The source reportedly said that all the assets seized by the Inland Revenue Board (IRB) are believed to be linked to 1MDB funds.

Razarudin also previously said that the police expect to confiscate more assets related to the 1MDB case following Loo’s testimony.

Loo was arrested by Malaysian police in early July after years outside the country to escape the law.

Her lawyer said that her surrender was voluntary and that she would cooperate with 1MDB investigations and help Malaysia recover assets from 1MDB.

Former prime minister Datuk Seri Najib Razak is currently on trial over RM2.28 billion of misappropriated 1MDB funds alleged to have entered his personal bank accounts from 2011 to 2014 and with hearing set to resume on September 18, with the prosecution saying this week that Loo could potentially be called as a prosecution witness in the trial.