00:00Transparency International Malaysia has called for tighter scrutiny of professional intermediaries
00:06such as lawyers, accountants, company secretaries and trust or corporate service providers
00:11saying they help enable offshore income and assets to be hidden from tax authorities.
00:17PIM President Raymond Ram cited Bank Negara Malaysia's National Risk Assessment 2023
00:22which flagged these intermediaries as vulnerable to misuse in the movement or layering of illicit funds.
00:28He said weak regulation and uneven oversight allow abuses such as setting up foreign companies or trusts,
00:34providing nominee directors and opening offshore bank accounts.
00:38Raymond said the Financial Action Task Force in Asia Pacific Group on Money Laundering
00:42found supervision and enforcement of these intermediaries to be weaker than in the banking sector
00:47despite their classification as higher risk sectors.
00:52He warned that intermediaries who knowingly assist in hiding undisclosed offshore income and assets
00:57can face criminal, regulatory and professional penalties under anti-money laundering laws.
01:03The remarks followed the Inland Revenue Board's revelation that 14,858 Malaysian tax residents
01:10hold over 10 billion ringgit in undisclosed offshore accounts
01:13and were urged to make voluntary declarations under the Income Tax Act 1967.
01:18Senator to Combat Corruption and Cronyism CEO Pushpen Murugia and Raymond said
01:23any amnesty must be time-bound and backed by firm enforcement
01:27to remain credible and deter continued concealment.
01:30Donish Rajar Reza, FMT.
Comments