Govt tables Bill to form anti-financial crime centre


  • Nation
  • Tuesday, 08 Oct 2019

KUALA LUMPUR: A Bill was tabled in Parliament to set up a National Anti-Financial Crime Centre (NAFCC) to coordinate investigations into financial crime.

The NAFCC, which was tabled for the first reading by Minister in the Prime Minister's Department Datuk Liew Vui Keong, will also be responsible for managing a centralised data system for financial crimes.

Liew stressed that the NAFCC is not a new law enforcement agency on its own.

"It has no investigation powers. The centre will not diminish, abolish or eliminate the functions or powers of any existing enforcement agencies," he said in a press conference after tabling the Bill on Tuesday (Oct 8).

He added that the setting up of the NAFCC was an initiative under the National Anti-Corruption Plan 2019-2023 aimed at coordinating enforcement actions to combat financial crimes.

Liew said the NAFCC will help coordinate the efforts of 12 existing enforcement agencies.

Among the agencies, he added included the police, Customs Department, Malaysian Anti-Corruption Commission and Bank Negara.

He said the NAFCC coordination will cover investigations into financial crimes committed locally and abroad.

Under the Bill, the NAFCC, will comprise an advisory board headed by a chairman, director-general and five members appointed by the Yang di-Pertuan Agong on the advice of the Prime Minister.

The appointments will be for a period not exceeding three years with eligibility for reappointment upon the expiry of their term.

The advisory board will help advise the Prime Minister on any aspect related to financial crimes including making recommendations with regard to related matters.

The NAFCC will also have an executive committee which will be headed by the director-general.

Among the functions of the executive committee include determining the operational policies of the NAFCC.

The NAFCC's powers to organise integrated operations comes into play when investigations into financial crimes involves not less than two enforcement agencies.

The centre will also be empowered to summon any persons to provide relevant information or documents related to its functions.

A failure to comply could result in a maximum fine of one million ringgit, a five year jail sentence or both upon conviction.


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