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

The amendments will define “beneficial owners” as those who benefit from a trust, and introduce new rules to govern conflicts of interest, sources of funding and disclosures of information, and other matters.

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

The committee also agreed to encourage all “G7 grade” companies with a government procurement work certificate to obtain an anti-bribery management system certification, aimed at supporting the principle of corporate liability.

These companies will have priority in bidding for government procurement jobs worth RM100 million and above.