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Author: savemalaysia   |   Latest post: Sat, 19 Jan 2019, 05:19 PM

 

Putrajaya to amend MACC Act to reveal real beneficiary owners in companies

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PUTRAJAYA (Jan 10): The government will propose an amendment to the Malaysian Anti-Corruption Commission (MACC) Act 2009 to include a new provision dealing with proxies and the real beneficiary owners in companies, said Prime Minister Tun Dr Mahathir Mohamad.

"The amendment will enable the MACC to identify and reveal the real beneficiary owners of companies in their investigations," Dr Mahathir told reporters after chairing the sixth special cabinet committee on anti-corruption here today.

"We find that there are many using other people's names in many companies. So we are embarking to improve the existing law so that we are able to determine who exactly is the real beneficiary owner," the premier added.

At the special meeting today, Dr Mahathir said the committee members have presented seven papers which included improving the governance of government-linked companies, and enhancing the government's procurement system.

After the 14th general election on May 9, 2018, the government had set up a special Cabinet Select Committee on Anti-Corruption, which is chaired by the Prime Minister to improve the country's good governance.

Apart from the special committee, the government had also established the National Centre for Governance and Integrity, which focuses on Pakatan Harapan's 61 promises on governance, integrity, anti-corruption and human rights.

 

http://www.theedgemarkets.com/article/putrajaya-amend-macc-act-reveal-real-beneficiary-owners-companies

 

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