The Prime Minister of Malaysia, Tun Dr. Mahatir Mohamed, had announced on 10 January 2019 that the Malaysian Anti-Corruption Commission Act 2009 (‘the Act’) will be amended to empower the Malaysian Anti-Corruption Commission to identify the beneficial owners of businesses that are investigated for offences under the Act and to hold them accountable for such offences.
 
On 22 July 2019, Latheefa Koya, the Chief Commissioner of the Malaysian Anti-Corruption Commission (‘MACC’) reiterated that the Act will be amended to include a specific provision on beneficial ownership.  According to the Chief Commissioner, such a provision will assist the MACC in its investigations and to eradicate corruption.
 
According to a media report¹, companies bidding for government contracts will be required to make full disclosure of their information, including beneficial ownerships. The report also suggests that it is possible that an amendment will be made to section 20 of the Act, which renders it an offence to corruptly procure the withdrawal of a tender.
 
It remains to be seen whether the proposed provision on disclosure of beneficial ownership will be confined to tenders for government contracts or be of wider application.
 
The Chief Commissioner said that the amendment is of utmost importance and expressed hope that it would be hastened. However no time frame has been provided for the introduction of the amendment.
 

---