KUALA LUMPUR, Dec 20 ― The Malaysian International Chamber of Commerce and Industry (MICCI) has welcomed the introduction of the National Anti-Financial Crimes Act, hailing it as a necessary step towards better enforcement coordination against financial crimes and strengthening confidence in the governance system in Malaysia.
In a statement today, MICCI president Datuk CK Tan said the new act and the establishment of the National Anti-Financial Crime Centre (NFCC) would go a long way towards restoring investor confidence in Malaysia and attract more foreign investments.
“This is the right and necessary step towards the reforms needed to fight not only financial crimes but also ancillary issues such as smuggling and money laundering that ultimately impact investments and the proper running of the economy,” he said.
He said MICCI, with over 1,000 members comprising domestic and multinational companies, strongly supports the development of legitimate businesses and ensuring a level playing field in the economy.
“Our members see this issue as critically important in determining investment levels in Malaysia.
“In the end, this is all about strengthening the legal economy and legitimate businesses and not lose out to the dark economy, which not only does not benefit society but harms the country overall,” he added.
Tan said MICCI will seek to support the NFCC in various ways and in particular would act as a private sector consultative body that could provide requisite advice as well as create awareness on good governance practices.
“The aim ultimately is not just about enforcing against financial crimes. It is also to have a strong level of awareness to prevent such crimes. This is where we will focus our support to the NFCC.
“MICCI has spearheaded the drive for greater ethics and integrity in business transactions, as we believe that only a corruption-free system will enable all participants to compete on a level playing field,” he said.
In supporting the Malaysia’s National Anti-Corruption Plan 2019-2023, MICCI has emphasised the critical role of corporate compliance and responsibility through self-imposed rules with legal obligations in a more natural, effective and sustainable manner while supporting the birth of the NFCC, he added. ― Bernama
