FINANCIAL institutions have been called to play a vital role in exchanging information and sharing expertise with the Malaysian Anti-Corruption Commission (MACC) on large and suspicious transactions, so the agency can fight corruption and money laundering.

MACC chief commissioner Azam Baki said the commission would discuss with the institutions the best early detection methods.

He added that this was also to enable the financial sector to channel information to the MACC more effectively and quickly, without violating the law.

“This co-operation is necessary because the banks are the first to detect suspicious transactions,” he said in Kuala Lumpur today.

Azam said better co-operation between the bodies are important to curb rising financial corruption, especially high-profile and public interest cases.

He added the implementation of the capacity building programme in the financial sector could also work in the fight against corruption. – Bernama, June 30, 2022.