Asset declarations prevent illicit wealth – Rasuah Busters

SHAH ALAM - Rasuah Busters highlights the importance for all Members of Parliament (MPs) to conduct asset declarations as a means to combat illicit enrichment.

In a statement, the group highlighted that all MPs were responsible for declaring their assets for a transparent democratic process, especially since they carried the rakyat’s mandate.

"Asset declarations serve as a moral obligation for those in positions of power to ensure that public funds and resources are managed responsibly, preventing the abuse of power for personal gain and the accumulation of illicit wealth.

“The asset declaration by all MPs, both government and opposition, is a preliminary step demonstrating an uncompromising commitment to combating corruption.

“Strengthened public, stakeholder, and investor confidence will contribute to improved economic and social ratings for Malaysia in the long term," the statement read.

Rasuah Busters also urged the Malaysian government to enact an asset declaration law with a clearer reporting and monitoring framework, leading to amendments in Section 36 of the Malaysian Anti-Corruption Commission Act 2009 (MACC Act), noting the inadequacy of the current system of asset declarations operating under the Statutory Declarations Act 1960.

“The enactment of this act is critical to strengthening beneficial ownership laws and providing a solid foundation for the enactment of a Political Financing Act, which is currently under review by the government,” it said.

The push for declaration was also part of an effort to improve Malaysia's standing that retained its position as fifth in the Corporate Governance Watch rankings back in 2023, including the governance and enforcement of the law and regulatory measures to be continuously enhanced in line with the National Anti-Corruption Strategy (NACS).