‘Corporate crime’ an emerging threat, warns MACC

‘Corporate crime’ an emerging threat, warns MACC

Azam Baki says syndicates use legitimate corporate structures to shield illegal activities and evade detection.

Azam Baki
MACC chief commissioner Azam Baki said such groups operate in a structured and covert manner, leveraging networks of professionals including accountants, lawyers and consultants.
PUTRAJAYA:
Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki today warned of the emergence of what he described as “corporate crime”, an increasingly complex and hard-to-detect form of organised crime.

He said the phenomenon no longer involves conventional crimes, but is instead driven through legitimate corporate structures to obscure activities from authorities.

“What we are facing today is no longer ordinary crime, but an organised crime ecosystem driven by what I term as corporate crime,” he said at the launch of an engagement session with the Malaysian Agency Enforcement Task Force at the MACC headquarters.

According to Azam, these groups operate in a structured and covert manner, leveraging networks of professionals such as accountants, lawyers and consultants, as well as insiders within certain agencies.

He said these networks not only facilitate illegal activities but also manipulate corporate structures to facilitate money laundering and evade enforcement.

“They manipulate the system to ensure that criminal activities continue undetected,” he said.

However, when met by reporters after the event, Azam declined to comment on allegations that MACC officers are involved in a so-called “corporate mafia”.

“The police have said there is no involvement of MACC officers. Leave it to the police to investigate,” he said.

Yesterday, police confirmed that no MACC officers had been summoned to assist in investigations into claims that certain MACC officials were involved in manoeuvres to force company takeovers.

Fazlisyam Abd Majid, head of Bukit Aman’s anti-money laundering and anti-terrorism financing investigation unit, said 41 witnesses had been called up so far following allegations involving businessman Victor Chin.

He said investigations were ongoing while multiple people were believed to have laundered illicit funds through various methods, including acquiring or owning listed and private companies.

On Monday, Fazlisyam confirmed that Chin was among 10 people detained under Op Viking for suspected involvement in money laundering activities.

Chin was arrested in December and released on police bail, but can be recalled if necessary.

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