As June 1 draws near, many Malaysian

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  • 18 Mar 2020
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Many Malaysian Firms Still Unprepared for New Corruption Law, Finds PWC Survey

As June 1 draws near, many Malaysian businesses are still unprepared for the implementation of Section 17A of the Malaysian Anti Corruption Commission (MACC) Act 2018 — a new law that would make directors and senior management liable for the actions of their company if it is involved in bribery. PwC’s Global Economic Crime and Fraud Survey on Malaysia, which was released last Wednesday, found that only 49% of its respondents have a dedicated programme to address bribery and corruption while 32% expect to increase resources to combat fraud, corruption and economic crime in the next two years. The rest state that they do not know if they need to increase their resources. PwC partner and forensic services and risk consulting leader Alex Tan says the numbers do not sound positive for Malaysian business, as only half of businesses are ready.

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