KUALA LUMPUR: Malaysia has lost an estimated RM277bil due to corruption between 2018 and 2023, roughly RM55bil annually, based on GDP estimates, says Tan Sri Azam Baki.
The Malaysian Anti-Corruption Commission (MACC) chief commissioner also cited a 2023 study by Emir Research, which estimated that Malaysia lost up to RM4.5 trillion between 1997 and 2022 due to various forms of leakages and misappropriation.
"These figures aren't just statistics. They clearly show how corruption and related offences, such as document forgery, manipulation of financial statements and misappropriation of company funds, have undermined government policies, processes and service delivery, as well as operations in the private sector.
"In the end, this erodes public and investor confidence and hampers national progress," he said.
He also said an Accounting Fraud Task Force had been formed as a strategic move to strengthen Malaysia's efforts to recover funds and assets linked to corruption and misappropriation, particularly those hidden overseas
He said the MACC, as the lead agency and secretariat for the task force, would ensure that detection, analysis and enforcement actions are carried out in a more efficient, coordinated and high-impact manner.
"Dealing with cases involving the loss of national funds through complex syndicates that involve multiple parties is not an easy task. However, through the task force, we can plug further leakages and recover stolen assets.
"For example, during this morning's briefing on the 1Malaysia Development Berhad (1MDB) case, it became clear that there is still much to be done. It's a challenging process that requires specialised expertise," he told a press conference after launching the task force with representatives from six other key agencies on Monday (May 19).
In addition to the MACC, the task force comprises the National Audit Department, Accountant-General's Department, Inland Revenue Board (LHDN), Companies Commission of Malaysia (SSM), Universiti Teknologi Mara (UiTM) and the Malaysian Institute of Accountants (MIA).
The task force serves as a cross-agency platform for strategic collaboration to comprehensively address accounting fraud.
Commenting on the 1MDB scandal, Azam described it as one of the most complex cases, especially since many of the assets involved are located overseas.
"We're moving in that direction through the task force's involvement in the 1MDB case. But this is no easy feat, as many of the assets are abroad – and not all countries maintain strong cooperation with us. That's where the task force's expertise will be vital in tracing assets via international collaboration," he said.
Azam added that the task force would also focus on asset recovery, with positive outcomes expected within the next six months. – Bernama
