What is the main legislation for bribery and corruption in Malaysia?
Four (4) main offences stipulated in the Malaysian Anti-Corruption Act 2009 (MACC Act 2009) (Act 694) : Soliciting/Receiving Gratification (Bribe) [section 16 & 17(a) MACC Act 2009] Offering/Giving Gratification (Bribe) [section 17(b) MACC Act 2009]
What is the Anti-Bribery Act?
It is illegal to offer, promise, give, request, agree, receive or accept bribes – an anti-bribery policy can help protect your business. You should have an anti-bribery policy if there is a risk that someone who works for you or on your behalf might be exposed to bribery.
What does the Bribery Act 2010 cover?
The Bribery Act 2010 (c. 23) is an Act of the Parliament of the United Kingdom that covers the criminal law relating to bribery. The Act has a near-universal jurisdiction, allowing for the prosecution of an individual or company with links to the United Kingdom, regardless of where the crime occurred.
What is Section 16 of the MACC Act 2009?
MACC specified the act of corruption pursuant to Section 16 of the Malaysian Anti-Corruption Commission Act 2009 (MAAC Act) as “the act of SOLICITING, GIVING, ACCEPTING OR RECEIVING GRATIFICATION, directly or indirectly, to/from a person in authority either in the form of money, services or valuable goods as an …
Is bribery legal in Malaysia?
The case rests on Section 17A of Malaysia’s MACC Act 2009, a new provision that came into effect on June 1, 2020. …
What is the key purpose of MACC Section 17A?
The provision under Section 17A MACC Act 2009 is a provision that stipulates a corporate liability principle where a commercial organisation can be considered guilty if any of its employees and/or associates commit corruption for the benefit of the organisation.
What are the penalties for accepting a bribe?
Penalties. The penalties under the Act are severe – there is a maximum penalty of 10 years’ imprisonment and/or an unlimited fine for individuals.
What is anti-bribery and corruption?
In relation to anti-bribery and corruption, MII requires all Associated Persons to: • Act lawfully, ethically and in the public interest; • Prohibit bribery and corruption; and • Not tolerate illegal or unethical behaviour by clients, suppliers or by public officials.
What is the new bribery law in Malaysia?
PwC Malaysia calls it ‘the most significant change to the Malaysian anti-bribery and corruption legislation in years’. With the introduction of Section 17A, Malaysia has acquired legal firepower for the anti-corruption war that is similar to the US’s Foreign Corrupt Practices Act (FCPA) and the UK’s Bribery Act.
When did the Malaysian Anti Corruption Act come into force?
The key anti-corruption legislation in Malaysia is the Malaysian Anti- Corruption Commission Act 2009 (MACCA), which came into force on 1 January 2009. The relevant authority in charge of the MACCA is the Malaysian Anti-Corruption Commission (MACC).
Who is liable under the anti bribery and corruption law?
Under Section 17A, the law imposes liability on any person associated with the organization including the company’s directors, officers, partners, employees or anyone who performs services on behalf of the organization could be held personally responsible.
What is the penalty for corruption in Malaysia?
The penalty is imprisonment for a term not exceeding 20 years. It may also be a fine of not less than five times the sum or value of the gratification that is the subject matter of the offense, where such gratification is capable of being valued or is of a pecuniary nature, or MYR 10,000, whichever is higher.