KUALA LUMPUR: The Companies Commission of Malaysia (SSM) on Aug 9 signed a strategic co-operation with the National Anti-Financial Crime Centre (NFCC) in an effort to combat financial crime in Malaysia.

According to the SSM, this is a synergistic joint effort between the two enforcement bodies so that both parties can utilise and share data, information, knowledge, expertise and experience, capabilities or services respectively in their efforts.

In its statement on Aug 9, the SSM said both parties can also take joint initiatives in aspects of operations, policy, prevention, use of human resources, expertise and training, towards increasing capacity, capability and effectiveness in combating financial crime in Malaysia based on applicable laws and regulations.

“The sharing of this data and information is in line with the responsibilities and powers allocated to SSM under the Malaysian Companies Commission Act 2001 [Act 614].

“This is to promote and encourage appropriate behaviour among directors, secretaries, managers and other officers of a corporation, as well as to ensure that all corporate and business activities are conducted in accordance with good international corporate governance norms,“ ??SSM explained in its statement today.

According to SSM, for the NFCC, the National Anti-Financial Crime Centre Act 2019 [Act 822] allocates, among other things, the responsibility to build and maintain a centralised data information system regarding financial crimes as a core to support integrated operations and assist government and enforcement agencies in the investigation and prevention of financial crimes.

It is also in line with the authority given under Act 822 for NFCC to obtain relevant information and data from government and enforcement agencies for this purpose, it said.

“Both parties hope that with the signing of this strategic co-operation, financial crime activities in Malaysia can be curbed and controlled as best as possible to reduce the adverse effects of criminal economic activities and promote integrity and stability in the financial market of the corporate sector in general,” it added. - Bernama