Securities Commission chairman Datuk Mohammad Faiz Azmi
KUALA LUMPUR: The Securities Commission Malaysia (SC) and the Inland Revenue Board (IRB) have inked a memorandum of understanding (MoU) to strengthen inter-agency collaboration to safeguard the integrity of Malaysia’s financial ecosystem.
SC chairman Datuk Mohammad Faiz Azmi said the MoU will enable both agencies to work more closely within a secure and structured framework for the exchange of relevant information.
He said such cooperation will enhance the collective ability to detect, deter, and effectively enforce cases involving tax evasion, market misconduct, and the abuse of the financial system.
"Ultimately, our collaboration will not only strengthen the fight against financial crime but also enhance public confidence in our financial system, promote higher standards of governance and support the nation’s growth story,” he said in his speech at the MoU signing ceremony here, today.
Mohammad Faiz said that beyond information sharing, the MoU also provides a valuable platform for both SC and IRB to leverage each other’s expertise through knowledge-sharing initiatives on securities laws and tax offences.
He also added that both parties may also explore secondment opportunities under the MoU, which would allow officers from both agencies to gain invaluable hands-on experience, enhance case handling capabilities, and foster a deeper understanding of each other’s operations.
"By combining our respective expertise and experience, we may also be better positioned to jointly address and resolve more complex financial crime cases, thereby enhancing trust in the financial system and broader economy,” he said. - Bernama
