Malaysia’s anti-corruption agency proposes powers to claw back billions in illicit funds
The MACC is seeking new powers to negotiate the return of large sums of money without first having to press charges
Criminal syndicates are increasingly using Malaysia to launder money, authorities warn, while the country is also a key transshipment hub for drugs, illegal cigarettes, protected wildlife and other contraband.
The Malaysian Anti-Corruption Commission (MACC) thinks the best way to deal with the problem is by hitting criminals where it hurts the most – their money.
The commission is pushing to amend the law to allow its officers to cut deals with perpetrators to secure illicit funds that would otherwise be untraceable.
Called the delayed prosecution agreement, it would give the MACC a legal avenue to negotiate the return of large sums of money without first having to press charges, Chief Commissioner Azam Baki said.
“There are many unreported cases with huge amounts of illicit funds moving out and into the country. Based on what we know, we are looking at 40 billion ringgit in the country and abroad.”