KUALA LUMPUR: The American Malaysian Chamber of Commerce (Amcham) supports the Malaysian Government plan to enforce S17A from June 2020 to bring the level of compliance by Malaysian companies on par with that of the United States and the rest of the developed world.
It said, the Malaysian Government introduced corporate liability for companies committing acts of bribery through Section 17A of the Malaysian Anti Corruption Commission Act 2009, which was in line with the requirements of Article 26 of the United Nations Convention Against Corruption (UNCAC).
“As a reflection of Malaysia’s commitment to the UNCAC, Section 17A is to come into effect next month, given the concern about the seriousness of problems and threats posed by corruption to the stability and security of society, the undermining of institutions and values of democracy, and the jeopardizing of sustainable development of the economy.
“These prohibitions reflect the provisions of the US Foreign Corrupt Practices Act 1977 and are the terms on which all US companies conduct business,“ said Amcham in a statement.
It pointed out that there should not be any delay or suspension in the implementation of such key legislation, especially in these times of economic turmoil when businesses and consumers need certainty, especially to ensure that prices are not inflated due to corrupt acts or lax enforcement of the law. — Bernama