KUALA LUMPUR: The Anti Rent-Seeking Act is targeted to be tabled in Parliament at the end of this year, the Dewan Rakyat was told.
Economy Minister Rafizi Ramli said the government was currently studying the framework for the act.
“The preparation for its draft will be carried out through obtaining input from various stakeholders.
“This allows a clearer perspective on such issues, as it crosses various sectors and laws,” he said in a written Parliamentary reply on Thursday (Feb 29).
Rafizi was responding to a question by Datuk Dr Alias Razak (PN-Kuala Nerus) who asked on the status of an anti-Ali Baba legislation to curb the rental of business licences to foreigners.
To a similar question by Zahari Kechik (PN-Jeli), Rafizi said studies were needed for the Act, to get a clearer perspective on rent-seeking and the measures needed to improve enforcement.
“The Anti-Rent Seeking Act will also clearly define what rent-seeking entails, the levels of activities involved and complaint channels, among others,” he said.
Rafizi said that the Anti-Rent Seeking Act was necessary as existing laws such as the Malaysian Anti-Corruption Commission Act 2009; Competition Act 2010; Companies Act 2016; and bylaws, were unable to curb the matter holistically.
He added that rent-seeking activities posed a negative impact to the economy.
“It increases operation costs, affects the quality of products and services while also widening the inequality gap in society and the economy,” he said.
