SSM and NFCC sign strategic cooperation to fight financial crime in Malaysia

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) on August 9 signed a strategic cooperation agreement with the National Anti-Financial Crime Center (NFCC) to tackle financial crime in Malaysia.

According to the SSM, this is a synergistic joint effort between the two enforcement bodies, allowing both parties to use and share data, information, knowledge, expertise and experience, skills or services in their efforts.

In its Aug. 9 statement, the SSM said both parties can also take joint initiatives in operational, policy, prevention, human resource deployment, expertise and training to build capacity, capability and effectiveness in fighting financial crime in Malaysia to increase applicable laws and regulations.

“The sharing of this data and information is in accordance with the responsibilities and powers conferred on SSM under the Malaysian Companies Commission Act 2001 [Act 614].

“This is to encourage and encourage appropriate behavior among a company’s directors, secretaries, managers and other officers and to ensure that all corporate and business activities are conducted in accordance with good international corporate governance standards,” SSM explained in his statement today.

According to the SSM, the National Anti-Financial Crime Center Act 2019 applies to the NFCC [Act 822] assigns, among other things, responsibility for the establishment and maintenance of a centralized data information system related to financial crimes as a core component to support integrated operations and to support government and law enforcement agencies in the investigation and prevention of financial crimes.

It is also consistent with the authority NFCC receives under Act 822 to obtain relevant information and data from government and law enforcement agencies for this purpose, it said.

“Both parties hope that by signing this strategic cooperation, the financial crime activities in Malaysia can be contained and controlled as much as possible to reduce the negative impact of criminal economic activities and promote the integrity and stability of the corporate financial sector in general.” “, he added. -Bernama