The MACC’s Corporate Liability on Corruptions
Corporate Liability on Corruption Provisions came into effect on June 1, 2020 under the New Section 17A Malaysian Anti-Corruption Commission (Amendment) Act 2018, which holds commercial organizations liable for their employees and/or associates’ corrupt practices carried out for the organisation’s benefit or advantage
Essentially, when a person associated with a company commits a corrupt act to obtain a business advantage, this will expose the company to committing a criminal offence. This will then have serious repercussions on the directors and management of the company. All commercial organizations in Malaysia are affected by the Malaysia Anti-Corruption Commission (Amendment) Act 2018. Breach of this provision can lead to a minimum fine of RM1 million and/or a jail term of up to 20 years.
When this offence is committed by a commercial organization, the Director, Controller, Officer, Partner and persons managing the affairs (Management) of the company are deemed to have committed the offence.
- The Current Law on Corporate Liability on Corruption in Malaysia
- Enforcement on 1 st June 2020. Is it on?
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