KUALA LUMPUR: The Special Cabinet Committee on National Governance (JKKTN) today agreed to propose amendments to the Trustee (Incorporation) Act 1952 [Act 258] and the Trustee Act 1949 [Act 208].
This decision was made during a meeting chaired by Prime Minister Datuk Seri Anwar Ibrahim.
The Prime Minister's Department, in a statement today, said these amendments aim to prevent the misappropriation of funds by trust bodies established for religious, social and charitable purposes.
"The amendments to Act 208 include interpretation concerning beneficial owners, which is for those who benefit from the trust.
"The amendments to Act 258 involve setting regulations related to information disclosure, conflict of interest and source of funds.
"Among others, it aims to increase monitoring, verification and auditing of reports and fund supervision."
The department said the amendments agreed upon in this meeting align with the government's efforts to strengthen governance, integrity and combat corruption.
It said this is also to address issues related to the professionalism of enforcement agencies which negatively impacts public perception, corruption in government procurement and misuse of public funds, particularly involving entities receiving government funds.
"Such issues cause financial losses and damage the credibility of public governance and the integrity of government institutions."
It said the meeting also agreed to encourage all G7 companies with the National Coaching Certification Scheme to obtain MS ISO 37001 Anti-Bribery Management System certification.
It said these companies will be prioritised in government procurement for contracts valued at RM100 million and above for the first two years.
It added that this initiative also supports the principle of corporate liability under Section 17A of the Malaysian Anti-Corruption Commission Act 2009.