In an email reply to StarBiz, an MACC spokesperson warned that corruption in Malaysia’s commercial and business sector was becoming more alarming.
The government had previously given a grace period of two years for businesses in Malaysia to be prepared for the enforcement of Section 17A. “The onus is on the private sector to prepare their organisations in taking the necessary measures. It is, after all, more about taking into account integrity and addressing transparency vis-à-vis anti-corruption measures and procedures in their corporate governance.
She added that the introduction of Section 17A was necessary to fulfil Malaysia’s obligation under Article 26 of the United Nations Convention Against Corruption to establish a provision for liability of legal persons in the domestic anti-corruption framework.For context, Malaysia had already signed and ratified the UNCAC, making the requirements legally binding for Malaysia.