The establishment of the National Anti-Financial Crimes Act (NFCC) is seen as a necessary step towards better enforcement coordination against financial crimes and strengthening confidence in the governance system in Malaysia.

The Malaysian International Chamber of Commerce and Industry (MICCI) said the NFCC would restore investors’ confidence in Malaysia and attract more foreign investments.

President Datuk CK Tan said the right and necessary step towards the reforms needed to fight not only financial crimes but also ancillary issues.

“This includes smuggling and money laundering that ultimately impact investments and the proper running of the economy,” he said in a statement recently.

With over 1,000 members comprising domestic and multinational companies, MICCI 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 do not benefit society but harms the country overall,” he added.

Tan said MICCI seeks 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.”

Tan said MICCI has spearheaded the drive for greater ethics and integrity in business transactions, citing that only a corruption-free system will enable all participants to compete on a level-playing field.

MICCI has also 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.

In view of supporting the Malaysia’s National Anti-Corruption Plan 2019-2023, he said NFCC will help coordinate the efforts of 12 existing enforcement agencies, including the Royal Malaysian Police, Customs Department, Malaysian Anti-Corruption Commission, Inland Revenue Board and Bank Negara.

NFCC coordination and collaborations will cover operations into financial crimes committed locally and abroad by enhancing cooperation between different law enforcement agencies will also involve the private sector.

This includes cases of money laundering, tax evasion, corruption and smuggling.