Latest news with #KKFP
The Star
20-05-2025
- Business
- The Star
RM10.4mil fraud uncovered at federal dept
Tackling fraud together: Azam (centre) launching the Accounting Fraud Task Force in Kuala Lumpur. Also present were Wan Suraya (third right) and Nor Yati (third left). — Bernama KUALA LUMPUR: The Accountant General's Department (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses amounting to RM10.4mil. Accountant-General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18mil. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here yesterday, Bernama reported. Also present were Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki and Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. 'Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the setting up of KKFP aligns with the government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added.
The Sun
19-05-2025
- Business
- The Sun
AGD uncovers RM10.4 million fraud at federal department
KUALA LUMPUR: The Accountant General's Department of Malaysia (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses of amounting to RM10.4 million. Accountant General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here today. Also present at the launch were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki and Auditor General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the establishment of KKFP aligns with the Madani government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added.
Barnama
19-05-2025
- Business
- Barnama
AGD Uncovers RM10.4 Million Fraud At Federal Department
KUALA LUMPUR, May 19 (Bernama) -- The Accountant General's Department of Malaysia (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses of amounting to RM10.4 million. Accountant General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here today. Also present at the launch were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki and Auditor General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the establishment of KKFP aligns with the Madani government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector.
Malay Mail
19-05-2025
- Business
- Malay Mail
Azam Baki: Task force launched to combat accounting fraud, Malaysia's GDP down RM277 billion due to corruption
KUALA LUMPUR, May 19 — The formation of the Accounting Fraud Task Force (KKFP) is a strategic move to strengthen Malaysia's efforts in recovering funds and assets linked to corruption and misappropriation, particularly those hidden overseas. Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said the MACC, as the lead agency and secretariat for KKFP, will ensure that detection, analysis, and enforcement actions are carried out in a more efficient, coordinated and high-impact manner. 'Dealing with cases involving the loss of national funds through complex syndicates that involve multiple parties is not an easy task. However, through KKFP, we can plug further leakages and recover stolen assets. 'For example, during this morning's briefing on the 1Malaysia Development Berhad (1MDB) case, it became clear that there is still much to be done. It's a challenging process that requires specialised expertise,' he told a press conference after launching KKFP with representatives from six other key agencies. In addition to the MACC, KKFP comprises the National Audit Department, Accountant General's Department, Inland Revenue Board (LHDN), Companies Commission of Malaysia (SSM), Universiti Teknologi MARA (UiTM) and the Malaysian Institute of Accountants (MIA). The task force serves as a cross-agency platform for strategic collaboration to comprehensively address accounting fraud. Commenting on the 1MDB scandal, Azam described it as one of the most complex cases, especially since many of the assets involved are located overseas. 'We're moving in that direction through KKFP's involvement in the 1MDB case. But this is no easy feat, as many of the assets are abroad — and not all countries maintain strong cooperation with us. That's where KKFP's expertise will be vital in tracing assets via international collaboration,' he said. Azam added that the task force will also focus on asset recovery, with positive outcomes expected within the next six months. On the economic impact of corruption, he revealed that Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023, roughly RM55 billion annually, based on GDP estimates. He also cited a 2023 study by EMIR Research, which estimated that Malaysia lost up to RM4.5 trillion between 1997 and 2022 due to various forms of leakages and misappropriation. 'These figures aren't just statistics. They clearly show how corruption and related offences, such as document forgery, manipulation of financial statements, and misappropriation of company funds, have undermined government policies, processes and service delivery, as well as operations in the private sector. 'In the end, this erodes public and investor confidence and hampers national progress,' he said.
Borneo Post
19-05-2025
- Business
- Borneo Post
AGD uncovers RM10.4 mln fraud at federal department
The case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. – AFP file photo KUALA LUMPUR (May 19): The Accountant General's Department of Malaysia (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses of amounting to RM10.4 million. Accountant General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18 million. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here today. Also present at the launch were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki and Auditor General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the establishment of KKFP aligns with the Madani government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added. – Bernama
