Latest news with #SKPSA
The Sun
5 days ago
- Business
- The Sun
MACC warns leakages erode trust in government institutions
GEORGE TOWN: Leakages and misappropriation of public funds not only harm national financial management but also weaken public confidence in government institutions, warns the Malaysian Anti-Corruption Commission (MACC). MACC Chief Commissioner Tan Sri Azam Baki emphasized that public funds, crucial for national development, must be managed with full accountability. 'Misuse and weak internal controls lead to power abuse, wastage, and public burden,' he said. Among major cases highlighted were Op Water Sabah, involving a RM3.3 billion water supply project embezzlement, and a former Youth and Sports Ministry senior officer convicted of 96 charges related to forgery and money laundering. 'The MACC has seized luxury assets worth over RM3.5 billion and forfeited nearly RM28 billion in the past five years,' Azam stated. 'This shows our commitment to reclaiming stolen public funds.' He spoke at the closing of the 2025 Public Sector Finance and Auditing Seminar (SKPSA) in Teluk Bahang, themed 'Financial Integrity: Enforcing Compliance and Preventing Misappropriation in the Public Service.' Azam also noted the upcoming Government Procurement Bill, aimed at enhancing transparency in government procurement. He urged accountants and auditors to report irregularities fearlessly to uphold integrity. Additionally, he called for stronger whistleblower protections under the Whistleblower Protection Act 2010 and advocated for digital transformation in financial systems using AI and blockchain to detect fraud early. The seminar was organized by Tunku Puteri Intan Safinaz School of Accountancy (TISSA) and Universiti Utara Malaysia (UUM), with MACC's Financial Analysis Division. Attendees included UUM officials and nationwide participants. - Bernama
Barnama
5 days ago
- Business
- Barnama
Manage Public Funds with Accountability, Leakages Erode Trust In Gov't Institutions
GEORGE TOWN, July 24 (Bernama) -- Leakages and misappropriation in the public sector not only affect the country's financial management, but also erode public trust in government institutions. Malaysian Anti-Corruption Commission Chief Commissioner Tan Sri Azam Baki said that public funds, which are the mainstay of national development, must be managed with full accountability because misappropriation and weaknesses in internal control systems would lead to abuse of power, wastage and burdening the people. He said that among the major cases involving the misappropriation of public funds were Op Water Sabah, which involved the embezzlement of a water supply project worth RM3.3 billion, and that by a former Youth and Sports Ministry senior officer, who was convicted of 96 charges related to forgery and money laundering. "The MACC also confiscated various luxury assets worth over RM3.5 billion and forfeited almost RM28 billion in the last five years, which proves our commitment to ensuring that public funds are not misused. "To those enjoying themselves with corrupt gains, the MACC will take back this money because it is the people's money,' he said when officiating the closing of the 2025 Public Sector Finance and Auditing Seminar (SKPSA) themed Financial Integrity: Enforcing Compliance and Preventing Misappropriation in the Public Service in Teluk Bahang, near here, today. Elaborating, Azam said the proposed tabling of the Government Procurement Bill in Parliament this year is to strengthen the government's procurement system to become more transparent, systematic and based on the law. He also urged public sector accountants and auditors to report any misappropriation or irregularities without fear so as to defend public service integrity. He also hopes that protection for whistleblowers will continue to be enhanced through more effective implementation of the Whistleblower Protection Act 2010. In addition, Azam stressed the need for digital transformation in the government's financial and procurement systems by leveraging technologies, such as artificial intelligence (AI), blockchain and data analytics, to trace suspicious transactions and prevent corruption at an earlier stage.
