KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) recorded asset freezes worth RM1.27bil from 2022 to September 2026, involving bank accounts, jewellery, immovable property and other valuables.
Deputy Minister in the Prime Minister's Department (Law and Institutional Reform) M. Kulasegaran said the asset freezes were carried out under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He said 1,336 asset-freezing orders were issued under the law in 2025, while another 1,006 were issued from Jan 1 to Sept 30, 2026.
A total of 481 freeze orders were revoked without charges in 2025, while another 781 were revoked in the first nine months of 2026, he added.
"The withdrawal, cancellation or variation of an asset-freezing order does not necessarily mean that no offence has occurred or that the investigation has no basis.
"This is because freezing assets is part of the investigative process and an enforcement measure to prevent assets suspected of being linked to an offence from being transferred, disposed of or traded," he said.
He was answering a question from Datuk Seri Dr Wee Ka Siong on the power to freeze assets under Section 44 of the Act, as well as regulatory and investigative issues involving the MACC, during the Special Chamber sitting in the Dewan Rakyat on Tuesday (Oct 13).
Kulasegaran said investigations conducted by the MACC and other enforcement agencies were not carried out arbitrarily, but in accordance with established criteria.
He said preliminary action was taken based on reports, prima facie investigations and the presence of suspicious transactions, such as unusually large sums of money moving in and out of accounts.
The 90-day period provided under Section 44 of the Act allows a freezing order to be revoked as soon as possible once an investigation has been completed, he added.
"I agree with the honourable member that having a law such as the one in Singapore, which is more independent and impartial... would be better if it were left to the courts.
"This is something I have read about and examined and I have told the agency concerned to look into it because it would be a win-win position and the MACC's good name would be respected," he said.
He was responding to a supplementary question from Wee on the need to tighten governance, including requiring court approval before freezing accounts or seizing assets belonging to listed companies, to protect the interests of minority shareholders. – Bernama
