31 January 2019
On 1 October 2018, the Malaysian Anti-Corruption Commission (Amendment) Act 2018 (“Amendment Act”) came into force, save for section 4 which relates to corporate liability provisions seeking to penalise commercial organisations for the corrupt practices of its associated persons. Pursuant to the Amendment Act, obligations previously imposed on banks are now imposed on all financial institutions licensed, established or registered under various statutes including, among others, the Financial Services Act 2013 and the Capital Markets and Services Act 2007.
Section 4, which is not in force, stipulates that a commercial organisation will commit an offence if a person associated with it corruptly gives or offers to any person any gratification with intent to obtain or retain business or advantage for the commercial organisation. A commercial organisation under the Amendment Act includes local companies, foreign companies and partnerships, carrying on business in Malaysia.