Govt tables bill to form anti-financial crime centre

08 Oct 2019 / 21:30 H.

KUALA LUMPUR: The government plans to set up the National Anti-Financial Crime Centre (NFCC) as part of a continued effort to combat financial crimes.

The 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 such crimes domestically and abroad.

Minister in the Prime Minister’s Department Datuk Liew Vui Keong (pix), who tabled a Bill for the setting up of the NFCC for first reading at the Dewan Rakyat today, said the centre would act as a coordinator in integrated operations with existing law enforcement agencies, rather than be a new enforcement agency on its own.

He told reporters that the centre would not have investigative powers.

Neither will it diminish, abolish or eliminate the functions or powers of existing agencies.

The bill is expected to be debated and passed in the current parliament sitting.

The NFCC will have three functions, namely:

>> To coordinate and collaborate in integrated operation with enforcement agencies in matters relating to financial crimes and to advise the agencies in related matters;

>> To establish, administer and maintain a centralised data system relating to financial crimes, 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 crimes.

The centre will have an advisory board that will, among other things, advise the prime minister on aspects relating to financial crimes, and will facilitate the cooperation between the centre, government entities and enforcement agencies.

The NFCC will also have an executive committee that will determine its direction in preventing financial crime, approve and monitor integrated operations, determine the operational policies, and develop the centre’s direction and plan, among others.

The Bill further states that the centre may, by a written notice, order or request any relevant information from any persons for the purpose of integrated operation or prevention of financial crime.

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.

He said this would include cases of money laundering, tax evasion and smuggling of contraband, adding that the setting up of the centre was necessary due to the leakages and loopholes under the current law.

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