Corporate Liability for Corruption in Malaysia

Description

Corporate Liability for Corruption in Malaysia is the first publication in Malaysia focusing on corruption offenses in the context of corporate liability covering the law, and practice, as well as practical tips and solutions to address corruption risk in the corporate sector

This practical title offers insights to practitioners working on regulatory compliance matters as well as in-house legal counsel and management of organizations. It will also benefit academicians and students who have an interest in the development of corporate liability in Malaysia.

The introduction of Section 17A of the Malaysian Anti-Corruption Commission Act which came into force on 1 June 2021 has changed the way the business of doing business is regulated.

The strict corporate liability applies to commercial organizations for the corrupt practices of any persons associated with the commercial organization, be it an individual or a corporation, whether within or outside the organization, where such acts are carried out for the commercial organization’s benefit or advantage.

The statutory defense of proving that the commercial organization has in place adequate procedures to prevent persons associated with the commercial organization from undertaking such conduct has resulted in an increased demand for law firms to provide anti-bribery and corruption audits, review anti-bribery and corruption policies to remedy or mitigate gaps, draft anti-bribery and corruption policies, provide training to directors and persons concerned in the management of the affairs of commercial organizations on adequate procedures to combat corruption, and set up a complaint or whistleblowing platforms; all with a view to eliminate or minimize the risk of liability exposure for corruption under the laws of Malaysia.