OUR country has recently become notorious for things such as huge financial scandals.
Cases of corruption and misuse of national funds here have been held up as examples.
We are ranked 62 in the Corruption Perceptions Index 2021.
In 2015, the government set up a National Consultative Committee on Political Financing to develop a political funding action plan of integrity that is comprehensive and inclusive.
Therefore, it is a great relief to hear the recent announcement by the Prime Minister Datuk Seri Ismail Sabri Yaakob, that the Special Cabinet Committee on Anti-Corruption has agreed in principle to a political funding bill and that the cabinet will discuss it before further engagement with political parties. Thirty-two proposals had been forwarded to the government to resolve issues in political funding.
Among the pertinent proposals are an entity to regulate contributions to political parties and how they are expended, and for contributions in excess of RM3,000 to be reported.
One of the efforts to strengthen transparency in political funding is to regulate and highlight the "party penumbra", which are the possible corporate or individual donors to political parties.
It is interesting that since the proposed bill on political funding will regulate the conduct of politicians and their parties, members of parliament seem to be swaying in their stance on the legislation.
It is not difficult to anticipate the rejection of these regulations as they will restrict politicians' financial resources, which had been a closely guarded secret by key officials in every political party.
There will be those who are reluctant to support the legislation as it will result in the unveiling of contributors and increases the risk of corruption being exposed.
On the other hand, there are also politicians who want this legislation to be tabled immediately to enable fundraising activities may be carried out openly and not discreetly.
A bill on political funding is needed to ensure the regulation of the activities of political parties, election candidates and donors. It provides a clear definition of the difference between political donation and corruption. This law will also ensure that no foreign funds could expose a future government to external pressure.
This is the main reason Singapore implemented similar regulations in 2000.
Citizens and voters also need to be assured that each political party's source of funds is legitimate and does not contravene our laws.
This will indicate to the world and foreign investors that this country cares about the legitimacy of a financial source and that the activities of political parties are controlled with transparency, accountability and integrity.
This bill will also cover gaps in the existing legislations, such as the Election Offences Act 1954, which is limited to controlling the activities of politicians during elections, such as the total expenditure of candidates, but does not cover the daily operations of political parties.
In addition, legislation on political funding will provide more stability to all political parties as all of them will be on an equal footing.
We are also closing the gap for the potential existence of a government elected by the people but will be indebted to donors and will have to reciprocate by awarding them government projects.
If we don't pass this law, this will encourage corruption and there will be no end to this disease.
The writer is an advocate and solicitor in Johor Baru