PAKATAN Harapan has tabled the National Anti-Financial Crime Centre (NAFCC) bill in Dewan Rakyat for first reading today, a piece of legislation motivated by the financial scandals of the previous administration.

Once passed, the new law will allow the government to set up a centre to coordinate operations relating to financial crimes among government entities and enforcement agencies.

The new law, tabled by Minister in Prime Minister’s Department Liew Vui Keong, will also provide for a centralised data management system.

Among the scandals that plagued the Barisan Nasional government was the misappropriation of 1Malaysia Development Berhad funds that now spans more than half a dozen countries and is currently being tried at the high court.

According to Section 4 of the bill, NAFCC will coordinate and collaborate in integrated operations with enforcement agencies and provide advice.

NAFCC will also establish, administer and maintain a centralised data system related to financial crime. The proposed NAFCC will carry out activities related to the prevention of financial crime.

According to the bill, NAFCC will have an advisory board consisting of a chairman, a director-general and five other members who will be appointed by the Yang di-Pertuan Agong, on the advice of the prime minister.

The chairman and other members will hold office for three years after which they will be eligible to be reappointed.

The NAFCC bill also mandates advisory board members to disclose any direct or indirect interest in matters under discussion.

Board members who fail to disclose their interest can be fined RM500,000 or jailed up to five years.

Among the board’s functions are to advise the prime minister on financial crime, the NAFCC and to decide on recommendations made by an executive committee.

Under Section 15 of the bill, the NAFCC may request any information from any persons, government entities, or enforcement agencies for the purpose of an integrated operation or prevention of financial crime.

Section 16 of the bill empowers NAFCC to gather information related to financial crime.

The bill also provides for NAFCC’s protection against legal suits and proceedings for any anti-financial crime work. – October 8, 2019.