MACC Committed To Strengthening Anti-corruption, Money Laundering Ecosystem

PUTRAJAYA,  April 29 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) will continue to collaborate with financial institutions, regulatory agencies such as Bank Negara Malaysia (BNM) and enforcement agencies to build a strong and comprehensive anti-corruption and anti-money laundering ecosystem.

MACC Chief Commissioner Tan Sri Azam Baki said that with the passage of time and the explosion of digital technology, the corruption and financial crime landscape has evolved with the use of digital assets, fraudulent investments, cross-border transactions and complex corporate structures.

"Cunning and manipulative financial criminals take advantage of weaknesses in the enforcement system and legal loopholes to create organised and systematic crime networks, thus threatening the country’s stability,” he said.

Azam said this at a shooting programme between the MACC Anti-Money Laundering (AML) Division and the Compliance Officers Networking Group (CONG) here yesterday.

He said that MACC would also continue to block the flow of illegal money out of the country and the return of stolen property to the country.

Through close collaboration with the financial institution, MACC would continue to focus on investing in financial intelligence systems, developing artificial intelligence (AI) detection technology and implementing stricter compliance audits in financial institutions in line with the digitalisation era to address increasingly complex financial crime issues, he added

-- BERNAMA