PUTRAJAYA: Political financing reform in Malaysia, aimed at promoting transparency and integrity among parties, is finally within sight with the bill for the new law expected to be tabled in the October's Dewan Rakyat meeting.

Minister in the Prime Minister's Department Datuk Seri Dr Wan Junaidi Tuanku Jaafar said this was to allow ample time for the members of parliament (MPs) to study and submit proposed amendments to the bill, within three weeks before its second reading.

"There is a lot of interest on the law (on political financing) including from non-governmental organisations such as Bersih (the Coalition for Clean and Fair Elections).

"They would have three weeks to submit their ideas (to be considered as part of the law) through their MPs before the bill is tabled for second reading," he told reporters at his office today. 

Wan Junaidi said the political financing law, which has been talked about since 2009, was brought forward by the government in 2014 but was not materialised. Subsequent attempts by the Pakatan Harapan administration in 2018 also failed to bear fruit.

This time around, he said he was optimistic that it would receive support from MPs, including from the opposition who had called for regulated political funding.

He said the law would, among others, aim at defining the types of funding allowed to be donated to political parties, as well as penalties for illegal funding.

He said the bill was drafted after studying similar practices in other countries.

"In the United States, for example, some of the funds for parties were raised through dinners, but it has the risk of (creating a platform for people to) lobby.

"Some people suggested that the government bear the parties' costs for elections. An example of calculation is based on RM50 spent for each voter. This means the parties will be prohibited to use money other than the government's allocation."

Wan Junaidi said such a fund would be managed by a body mandated under the new law.

The Election Commission (EC) has turned down any notion for it to manage the fund, while the Registrar of Societies (ROS) has yet to respond to the suggestion, he said.

The other idea was to establish a new board or commission specifically to manage political funding, he said.

The bill, he said, would also address conflicts of interest and aspects of sovereignty in determining individuals allowed for the purpose, and groups and the type of funds allowed to be transferred to political parties.

"Those who receive licences or grants from the government, for instance, should not be allowed to do so (make donations) and foreign funds should be prohibited from being transferred to parties.

"These details, as well as the figure for the penalties, will be addressed in the law."