With the recent launch of the Guidelines On Adequate Procedures pursuant to Subsection (5) of Section 17A under THE MALAYSIAN ANTI-CORRUPTION COMMISSION ACT 2009 by Tun Dr Mahathir, we are reminded of the following guiding principles:
1. Top Level Commitment;
2. Risk Assessment;
3. Undertake Control Measures;
4. Training And Communication.I will describe how the new Guidelines will work out in practice in my upcoming blog post.
Meanwhile, it is time to revisit Whistleblowing again as it is the main reason for the discovery of many recent scandals such as 1Mdb and calamitous failure of compliance in Goldman Sachs etc.
Malaysia was the laughing stock of the Whistleblower world barely 5 months ago when a whistleblowing politician, far from being protected under the law, was jailed 30 months instead.
With a new government now in charge in Malaysia, upholding the Rule of Law and Institutional Reforms are well underway and such bad whistleblower experiences are hopefully a thing of the past.
In Malaysia, the Whistleblower Protection Act 2010 (WBA) came into force on 15 December 2010, giving legal protection to employees against dismissals or penalties by their employers due to employee disclosure of corporate misconduct, wrongdoing and illegal activities.
With reports of hidden scandals and corporate wrongdoing increasingly common these days, new corporate leaders and directors taking over the management of companies are well advised to protect themselves against personal liabilities by carrying out compliance checks and implementing adequate procedures including Whistleblower programs against wrongdoing, corruption and bribery.
Apart from…
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