PUTRAJAYA – Malaysian Anti-Corruption Commission chief Datuk Seri Azam Baki expects more graft activities during the pandemic, reported The Star.
Corruption and power abuse will increase due to the “vulnerable and complex environment”, he was quoted as saying at Kenanga’s 4th Fraud Awareness Week yesterday.
“With the Covid-19 pandemic impacting the domestic economy, MACC will focus on reducing the leakage of public money, and the return of ill-gotten proceeds through the recovery of assets.
“Corruption is the root of most challenges we face today, leading to social disparity and the poor delivery of public services.
“While most of us would agree that corruption, be it in the public or private sector, cannot be completely eradicated, the fight against corruption must be pursued even with the challenges brought on by the new normal.
“With the latest developments in technology and information systems today, the modus operandi of perpetrators continues to evolve, becoming more and more complex.
“The fraudulent acts are concealed between layers of records and documentation, and the conversion of ill-gotten proceeds is done through new mediums, such as visual access, underground traders, cross-border financial institutions, as well as offshore financial services.”
He said financial institutions are “frontliners” in the battle against swindlers.
Azam cited as an example a 2011 1Malaysia Development Bhd-related case in Hong Kong, where officials found that an investment company was used as a channel to hold funds amounting to RM600 million.
“Some years later, the same funds were transferred back into the country, layered using multiple accounts held by different companies with different banks.”
Kenanga Group launched its 4th Fraud Awareness Week yesterday, and will run various activities online to promote fraud, bribery and corruption awareness. It also hopes to enhance business ethics and integrity through training, talks and educational games. – The Vibes, November 17, 2020
