KUALA LUMPUR: Existing mechanisms to combat financial crimes must be reviewed before a centralised network, such as the one proposed by the Malaysian Anti-Corruption Commission (MACC), can be introduced.
Enforcement Agency Integrity Commission (EAIC) chairman Tan Sri Ismail Bakar said this is necessary to evaluate weaknesses within the existing framework.
"Only then can we determine whether this centralised network can genuinely improve the enforcement of financial crime in the country," he told Berita Harian.
He was commenting on MACC's proposed establishment of a centralised network involving several key agencies to tackle increasingly complex financial crimes.
The idea aims to bring together financial institutions, regulatory bodies, enforcement agencies, and private entities to ensure more comprehensive and effective efforts in combating corruption, financial crime, and money laundering.
This initiative also aims to prevent overlapping roles among related agencies.
Ismail, who is also a former chief secretary to the government, said all parties must understand weaknesses in the current system and the roles of the different agencies including the police's Commercial Crime Investigation Department, Bank Negara Malaysia (BNM), and the Securities Commission (SC).
Agencies and ministries involved in combatting financial crime are MACC, the police, BNM, SC the Inland Revenue Board, the Domestic Trade and Cost of Living Ministry, the Malaysian Communications and Multimedia Commission, and the National Cyber Security Agency.