Call to intensify AMLA powers to tackle billion-ringgit scams
Tan Sri Dzulkifli Ahmad
KUCHING (May 7): Former Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Dzulkifli Ahmad has called on enforcement agencies, particularly the Royal Malaysia Police (PDRM), to intensify their use of powers under the Anti-Money Laundering Act (AMLA) in the fight against billion-ringgit online scams.
Responding to a The Star report on May 4 detailing how a business owner was conned out of RM1.8 million in an online investment scam, Dzulkifli warned that such fraud cases are becoming alarmingly frequent and causing heavy losses to Malaysians.
'It is time for enforcement agencies such as the PDRM to utilise their powers under AMLA more efficiently and aggressively.
'The main focus should not just be on arresting the perpetrators, assuming proper investigations are even carried out, but also on tracing the flow of illicit funds and recovering the stolen money,' he said in a statement yesterday.
He emphasised that action must go beyond arrests, especially in cases involving international syndicates and mule accounts, which are notoriously difficult to track.
Dzulkifli also said enforcement bodies should align their investigative strategies with the objectives of AMLA, including freezing, seizure, and forfeiture of criminal proceeds.
'The loss of RM1.8 million is just one of many similar cases we continue to see. The emphasis now must be on asset recovery, which is returning what's been stolen to the victims.'
Dzulkifli, who now heads Amlac Academy, a training institution offering a Professional Diploma in Corporate Anti-Corruption Management, continues to play an active role in raising awareness on financial crimes.
Through the academy, he advocates for professional upskilling and a deeper understanding of anti-corruption measures to improve corporate governance and public integrity.
He concluded that stronger enforcement and greater public education must go hand in hand if Malaysia is to seriously curb the scourge of online financial fraud.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
19 minutes ago
- New Straits Times
No option to opt out of sharing mobile phone data, says MCMC
CYBERJAYA: Malaysians do not have the option to opt out of having their mobile phone data (MPD) shared with the Malaysian Communications and Multimedia Commission (MCMC). MCMC deputy managing director Datuk Zulkarnain Mohd Yasin said this follows Cabinet approval for MPD to be used as a new data source in the production of national statistics. He added that the use of MPD is not unprecedented, as many countries have already adopted similar practices. On Friday, MCMC clarified that its collection of mobile phone data from mobile network operators does not involve the access, processing or disclosure of any personally identifiable information. MCMC said the mobile phone data will be used strictly to generate official statistics to support evidence-based policymaking in the information and communications technology (ICT) sector and the tourism sector. Communications Minister Datuk Fahmi Fadzil, on Sunday, said MCMC is not seeking any personal data of users from telecommunications companies. He said MCMC's recent request to telcos was for anonymised data to support evidence-based policymaking, including for network infrastructure improvements.
New Straits Times
34 minutes ago
- New Straits Times
Sun Bus Tech sets RM4,000 premium salary, powers Johor Talent drive
ISKANDAR PUTERI: Johor's push for a future-ready workforce gained major traction today as Sun Bus Tech inked a strategic pact with the Johor Talent Development Council (JTDC), to introduce a premium RM4,000 starting salary for skilled workers. The bold new benchmark in the state's industrial pay scale, aligns with Johor government's call to raise wage standards and retain talent in high-demand sectors, particularly mobility and advanced manufacturing. Under the Note of Understanding, Sun Bus Tech will also offer structured, on-site industrial training for trainees from the state's small and medium-sized industries (SMIs) while bridging classroom theory with hands-on practice. Johor Education and Information Committee chairman Aznan Tamin said the collaboration was "model public-private partnership," adding, that Sun Bus Tech's commitment to both competitive wages and talent-building supports Johor's long-term ambition to become a magnet for skilled workers and sustainable investment. Sun Bus Tech chief executive officer Shyan Phang, said the RM4,000 starting pay was more than a salary upgrade, it was a message to young Malaysians. "We believe a company's strength lies in its people. With this initiative, we are opening doors for young talent to not just find jobs, but build careers," she said. "Our collaboration with JTDC signaled our long-term commitment to grow hand-in-hand with Johor." The initiative includes tuition support, technical immersion at Sun Bus Tech's Senai facility, and assured career pathways post-training. The model is being touted as a template for industry-led solutions to Malaysia's growing skilled labour gap. Sun Bus Tech has evolved into a key mobility player specialising in high-quality bus bodies for both conventional and electric fleets. In just a year since its formal establishment, the firm has secured a strategic partnership with Swiss engineering giant Carrosserie HESS AG and opened a green-rated, solar-powered headquarters at Senai Airport City. The JTDC partnership marked another milestone in the company's rapid rise. Its is also a broader signal that Johor is doubling down on its talent and industrial future.
Malaysian Reserve
an hour ago
- Malaysian Reserve
Smart spending or slippery slope
OVER the past few years, Buy Now, Pay Later (BNPL) services have gained remarkable traction in Malaysia. Platforms such as Atome, Grab PayLater, SPayLater and hoolah have become household names, offering consumers the chance to split their payments into manageable installments without the need for traditional credit checks or interest rates — at least at first glance. While these services have democratised access to consumer credit, especially for younger Malaysians and those underserved by traditional banks, they also come with considerable risks. As we look at the benefits and drawbacks of BNPL in Malaysia, it's clear that although this payment option can be helpful, it should be used carefully and with proper monitoring. Increased Financial Accessibility One of the most significant benefits of BNPL is its ability to provide credit access to individuals who might otherwise be excluded from traditional financing options. Many Malaysians, particularly younger consumers and gig economy workers, lack sufficient credit history or stable income to qualify for bank loans or credit cards. BNPL platforms sidestep these barriers, allowing more people to participate in the consumer economy. BNPL offers a convenient way to manage cashflow. Especially for salaried individuals who face short-term liquidity constraints, being able to spread out payments without paying interest (if payments are made on time) can be highly beneficial. This can be particularly useful for big-ticket purchases such as electronics or household appliances. Many BNPL services advertise them- selves as 'interest-free' if payments are made on time, which can be more affordable than traditional credit card debt that typically comes with high interest rates. For disciplined users, this can be a more cost-effective financing method. BNPL also provides a boost to local e-commerce and retail industries. By lowering the barrier to purchase, it encourages higher consumer spending. This is especially evident during major sales events like 11.11 or Aidilfitri promotions, where BNPL plays a key role in enabling consumers to buy more while spreading their expenses. Technological Convenience The user experience with BNPL apps is generally smooth, quick and integrated directly into the checkout process. Many Malaysians, who are increasingly digital-savvy, appreciate this seamless, app-based access to credit compared to the paperwork-heavy bank loan process. Despite the convenience and flexibility that BNPL services offer, it is important not to overlook the potential risks they pose. Consumers should approach these services with caution, evaluating their financial situation and the necessity of their purchases. Without careful consideration, what seems like a helpful short-term solution could turn into long-term financial strain. The most significant concern with BNPL is the ease with which consumers can accumulate debt. Because the barrier to entry is low and the approval process is quick, many users take on multiple BNPL plans simultaneously. Without a consolidated credit check across different platforms, it's easy for consumers to lose track of how much they owe — leading to over-indebtedness. Malaysia's regulatory framework for BNPL is still in its early stages. While Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) have signalled intent to regulate this space, the current environment allows BNPL providers significant leeway in their operations. This regulatory grey area poses risks to consumer protection, especially in terms of transparency, data privacy and dispute resolution. Although BNPL is often marketed as 'interest-free', many platforms charge significant late fees if payments are missed. These penalties can quickly add up, making what seemed like a good deal an expensive one. For financially vulnerable consumers, this can lead to a cycle of missed payments and escalating fees. BNPL inherently encourages spending beyond one's means. Because consumers are not required to pay the full price upfront, they may be tempted to make unnecessary or luxury purchases they would otherwise avoid. This can distort financial priorities, especially among younger users with less financial literacy. Unlike credit cards or traditional loans, most BNPL platforms in Malaysia do not report repayment behaviour to credit bureaus. This means that even responsible BNPL users gain little to no benefit in building their credit scores, which could affect their ability to access more substantial credit in the future. Impact on Malaysian Consumers The impact of BNPL on Malaysian consumers is deeply nuanced. On one hand, BNPL has become a crucial financial tool, especially amid rising living costs and economic uncertainty. For many Malaysians, particularly the bottom 40% (B40) and middle 40% (M40) income groups, BNPL offers a financial lifeline to purchase essential goods without overburdening their monthly budgets. However, the same flexibility that makes BNPL attractive can also be dangerous. According to reports by the Credit Counselling and Debt Management Agency (AKPK), there has been a noticeable uptick in the number of young Malaysians seeking debt management assistance — many of whom cite BNPL as one of their liabilities. This trend indicates a growing reliance on short-term credit solutions without corresponding financial education or planning. Another area of concern is the lack of transparency and standardised terms across platforms. Some BNPL providers impose different fees or require access to personal data that might be used for targetted marketing or even resold to third parties. This lack of uniformity can confuse consumers and lead to poor financial decisions. To address these challenges, Malaysian authorities must accelerate the implementation of regulatory frameworks that protect consumers without stifling innovation. The Financial Services Act and forthcoming updates to the Consumer Credit Act could provide the legal infrastructure needed to govern BNPL practices, enforce fair lending standards and ensure that providers operate with transparency. Moreover, financial literacy campaigns are crucial. Malaysians, particularly those in younger demographics, need to understand that BNPL is a form of debt — not a free pass to consume. Education efforts should emphasise budgeting, understanding interest and fees, and the importance of timely repayment. BNPL in Malaysia is a double-edged sword. While it provides a flexible, accessible credit alternative that can help consumers better manage their cashflow and make necessary purchases, it also poses significant risks when used irresponsibly. The growing adoption of BNPL reflects changing consumer behaviour and a broader shift toward digital financial services — a trend that is unlikely to slow down. For BNPL to be a force for good, it must be matched with responsible lending practices, clear regulations and informed consumer behaviour. Only then can it truly support Malaysia's financial inclusion agenda without creating a new generation of debt-strapped consumers. Intan Baha is the chief sub-editor/ production editor of The Malaysian Reserve. This article first appeared in The Malaysian Reserve weekly print edition
