Tackling beneficial ownership: MACC wants provision to identify real owners

KUALA LUMPUR: It's vital for the Malaysian Anti-Corruption Commission (MACC) to have its own provision on beneficial ownership in the MACC Act 2009 to identify real owners of businesses or properties to further eradicate corruption.

MACC chief commissioner Latheefa Koya said currently, there were provisions on beneficial ownership but it is under other legislations, such as the Companies Act and Anti-Money Laundering Act 2001 (AMLA).