Transparency International Malaysia says the requirement for disclosure of beneficial ownership can help stop the proceeds of corruption from being laundered through investments in high-value property in Malaysia.
Transparency International-Malaysia chairman Akhbar Satar – The Malaysian Insight pic by Kamal Ariffin, February 22, 2018.
KUALA LUMPUR: Transparency International Malaysia (TI-M) has proposed the setting up of a central registry for beneficial ownership of companies registered in Malaysia and those keeping funds in Labuan.
Noting that graft was the biggest problem for businesses in Malaysia, its president Akhbar Satar said today this was one way to fight corruption and money laundering activities,.
A beneficial owner of a company is the person who truly owns, enjoys and controls the company even though the title to some form of property or security is in another’s name.
Akhbar said in a statement that such a registry would ensure corrupt officials and politicians would be unable to award themselves, through their families or cronies, any government contracts. Read more
KUALA LUMPUR: Bukit Gelugor MP Ramkarpal Singh today urged the courts to adjourn the Sedition Act 1948 cases as the new government plans to review and abolish the Sedition Act.
He said Home Minister Muhyiddin Yassin had announced that the mandatory death sentence, the Sedition Act, the Printing Presses and Publications Act 1984, and other legislation seen to be archaic and draconian would be reviewed and probably abolished.
Ramkarpal said in a statement that the Pakatan Harapan (PH) had consistently maintained that the Sedition Act was outdated and was mainly used by the previous Barisan Nasional government as a political tool to stifle dissent.
“There can be no doubt that the said Act is a severe impediment to the right to freedom of speech which is guaranteed under the Federal Constitution and must be completely abolished if the new PH government is serious in its reform agenda.” Read more