KUALA LUMPUR: The Dewan Rakyat has passed a bill for the formation of the National Anti-Financial Crime Centre (NFCC), which is meant to coordinate operations and centralise information relating to financial crimes among government agencies.
The bill was passed without amendments via a simple voice vote after lawmakers from both sides of the political divide debated on it for over three hours.
Minister in the Prime Minister’s Department Datuk Liew Vui Keong (pix), when tabling the bill for the second reading earlier yesterday, said threat from financial crime today was at a very worrying state, noting that the country has lost billions of ringgit due to such illegal activities.
“These included tax evasion, smuggling of contrabands, misuse of subsidised goods such as liquified petroleum gas and diesel, and the misuse of tax incentives at tax-free zone,” he said, here, today.
Liew said curbing financial crimes has become more complex, as it is bigger in scale, involve cross-border crimes, and comprise various offences under different laws, with such activities also often being protected by certain individuals in power.
“The nature and modus operandi of the crime has made enforcement action more complex. As such, a new holistic and strategic approach is needed, through the setting up of the NFCC.
“The centre will bring about a positive impact in the government’s continued effort to increase the country’s revenue and to curb leakages in the management of public funds, through the implementation of integrated operations,” he said.
According to the bill, NFCC will coordinate the efforts of 12 existing enforcement agencies, including the police, Malaysian Anti-Corruption Commission, Customs Department and Bank Negara Malaysia, to fight financial crimes domestically and abroad.
It would act as a coordinator in integrated operations with existing law enforcement agencies, rather than be a new enforcement agency on its own, but will not have investigative powers nor diminish and eliminate the functions and powers of existing agencies.
The NFCC will have three functions, namely:
>> to coordinate and collaborate in integrated operation with enforcement agencies in matters relating to financial crime and to advise the agencies in related matters;
>> to establish, administer and maintain a centralised data system relating to financial crime, in order to provide support for the integrated operation and to transmit information in the centralised data system to other government agencies; and
>> to carry out activities relating to the prevention of financial crime.
The centre may, by a written notice, also order or request any relevant information from any persons for the purpose of integrated operation or prevention of financial crime, with those who contravene shall, on conviction, be liable to a maximum fine of RM1 million or imprisonment up five years or both.
Previously, in a briefing to the press, NFCC chief executive Datuk Seri Mustafar Ali had said that the centre would only focus on high profile financial crime cases involving government entities.
