Improving Law Enforcement Agency Legislation
NACP 5.4.1 – To insert a new provision in the existing law that criminalizes misconduct in public office which shall impose punitive measures against public officials who deliberately cause leakage or wastage of Government funds
Central bank enhances laws on money laundering
2 January 2020
Insurance, takaful and Lembaga Tabung Haji (TH) institutions, including the branches will now have a compliance officer to check through, report or reject questionable transactions as required by Bank Negara Malaysia in the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism (AML/CFT) and Targeted Financial Sanctions for Financial Institutions (TFS for FIs). The senior management of these institutions will have to implement and manage the AML/CFT compliance programmes in accordance with the policies and procedures established by the board, the requirements of the law, regulations, guidelines and the industry’s standards and best practices. TH will have to report deposit-taking activities to BNM.
NACP 5.4.2 – To amend Immigration Act 1959/63 (Act 155) to provide for an express power to blacklist persons from leaving the country under limited circumstances defined by law
NACP 5.4.3 – To include a new provision in the Malaysian Anti-Corruption Commission Act 2009 (Act 694) which provides that a commercial organisation/ person commits an offence if the commercial organisation/ person to sell off a Government project/tender to another party for monetary gains without undertaking the project/tender, this provision shall also require any person who benefits from the sale of the project/ tender to reveal the beneficiary ownership.
Malaysian push to reveal beneficial ownership
17 January 2020
The improved Malaysian Companies Act 2016 (MCA) has a new provision granting the power to a company to request information about the beneficial owner of the shares in a company. The request made by companies will be widened by the power granted to the Companies Commission of Malaysia (CCM), Bursa Malaysia Securities (the stock exchange) and the Securities Commission of Malaysia.
Malaysia to implement beneficial ownership register
12 December 2019
The Companies Commission Malaysia (CCM) regulatory development and services division director, Norhaiza Jemon said new guidelines requiring all registered companies to submit information on their beneficial owners in early 2020. From the effective dates, companies have six months to comply with all the requirements. After the six months period, the registrar will invoke CCM’s powers to enquire all the information to be submitted to the registrar. Failure of companies to do so would be fined RM50,000.
‘Beneficial ownership legislation needed to curb corruption’
22 July 2019
Malaysian Anti-Corruption Commission (MACC) chief commissioner Latheefa Koya said companies running for government purchase contact tenders must make full disclosure of their information including beneficial ownership. Tenders should not be awarded to companies linked to ministers or officials of the awarding organisations. MACC was planning to draft a specific provision on beneficial ownership in the MACC Act.