A NEW anti-rent-seeking law or amendments to existing legislation could be brought before Parliament next year as part of efforts to curb the practice, says Economy Minister Akmal Nasrullah Nasir.
He said a comprehensive study on the matter is currently underway.
“Among the areas we are looking at is the enactment of a specific law on anti-rent seeking or amending existing legislation.
“All this will depend on both the outcome of the study and the mutual understanding established among stakeholders,” he said during question time in Dewan Rakyat yesterday.
He said the ministry is currently studying the most suitable regulatory framework to be used.
“It will take into account the views of industry players, enforcement agencies, related ministries, state governments and other stakeholders to ensure the approach we take is comprehensive and consistent with current demands.
“We want to make sure each proposal brought forward is practical, effective and can be enforced,” he added.
Akmal Nasrullah also said there must be mutual consensus before finalising any approach as the matter cuts across the jurisdiction of various ministries and agencies.
“It will have to go through several layers before tabling in Parliament,” he said in response to Syahredzan Johan (PH-Bangi), who asked about the status of drafting the Anti-Rent-Seeking Act and the timeline for its tabling in Parliament to curb “Ali Baba” practices.
Syahredzan also asked about the penalties that are considered to be included under the legislation.
To this, Akmal Nasrullah said it will only be known once the frame of the legislation is completed, which will include legal perspectives.
He also said the legislation is important as it would specifically define rent-seeking as an offence.
“We need support from all stakeholders, including those from the Opposition, state governments and local governments to put an end to rent-seeking,” he said.
