Stricter rules for administrators to prevent embezzlement of charitable funds

Two laws governing directors of organisations are being amended to tackle embezzlement of funds earmarked for religious, social or charitable purposes.

The legislation concerns two laws: the Trustees (Incorporation) Act and the Trustee Act 1949, the Prime Minister’s Office said in a statement.

The amendments will define

ultimate beneficial owners

those who benefit from a trust, and introduce new rules to govern conflicts of interest, sources of funding, disclosure of information and other matters.

The decision to amend the laws was taken today during a meeting of a special cabinet committee on national governance, chaired by Prime Minister Anwar Ibrahim.

The committee also agreed to encourage everyone

G7 class

Companies with a government procurement certificate can obtain an anti-bribery management system certification, supporting the principle of corporate accountability.

These companies will be given priority in bidding for government tenders worth RM100 million and above. -FMT