General & Misc

MACC Act to have Provision to show Real Beneficiary Owners in Companies - Mahathir

Date: 10 January 2019; Type: Legal News; Source: Bernama

PUTRAJAYA, Jan 10 (Bernama) - The government is to propose the inclusion of a provision in the Malaysian Anti-Corruption Commission (MACC) Act to show the real beneficiary owners in companies, Prime Minister Tun Dr Mahathir Mohamad said today. He said this was one of the matters decided upon at a meeting of the Special Cabinet Committee on Anti-Corruption which he chaired at Perdana Putra here. Dr Mahathir said the provision would enable the MACC to identify the real owners of any interest during their investigation.

“We find that some people use other people’s names, so the owners are different. We want to draft laws so that we can catch the real owners.

“We are aware that some people, in order to avoid, use other people’s names. But we want to get the beneficiary owners,” he told reporters after the meeting.

He said that though the owners use other people’s names, the evidence will be found and action taken against the real owners.

Dr Mahathir said today’s meeting discussed, among others, education as a means of producing a generation of integrity and of noble character in the aspect of human governance and character building.

“We want to foster a culture of good living values in Malaysians and this has to start from small.

“So, the Education Ministry has to emphasise this by fostering noble values in nurturing students to combat corruption,” he said.

“Schools must incorporate education on culture and living values. We will have certain slogans on prevention of corruption and show that corruption is a crime that can destroy the country,” he said.

Dr Mahathir also said that the government would implement the pre-budget statement and a half-yearly review for operating and development expenditure as a measure to improve budget management.

This was to ensure transparency of information on national debts and liabilities and to minimise off-budget government expenditure beginning this year, he said.

“In the previous government, the off-budget mechanism contributed to financial scandals such as 1MDB and the Special Purpose Vehicle (SPV). As such, the government will strive to minimise off-budget (expenditure),” he said.

Dr Mahathir also said that the meeting decided to improve the procurement process, selection criteria, consultant assessment and project monitoring.

MY Bernama

Asean LIP works with Bernama to bring you the latest Malaysian legal news. Bernama is the national news agency of Malaysia. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or Bernama. Neither the Publishers nor Bernama will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and Bernama also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

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