KUALA LUMPUR: The National Consultative Committee on Political Financing will submit its recommended Political Donations and Expenditure Act (PDEA) to the Cabinet in two weeks' time.
Minister in the Prime Minister's Department Datuk Paul Low Seng Kuan said while there is an increase of political financing, Malaysia lacks the regulations to manage it.
"Political financing needs to be regulated to reduce abuse and adverse consequences," he said in a press conference today.
The Committee is proposing 32 recommendations in the PDEA.
Among the key recommendations include creating an office of the Controller who will be overseen by a Board comprising credible and trusted figures with no active politicians.
Donations to parties and individuals must be deposited into specially-designated bank accounts and they are to submit an audited financial statement to the Controller before June 30 every year.
While there shall be no cap on the amount that can be donated to a party or politician, all donations above RM3,000 or cumulatively above RM3,000 per annum from the same source shall be declared to the Controller.
"Cash donations from foreign sources to a political party or politician should be banned, while money from unknown sources must be confiscated. We do not want foreign interest to interfere with the sovereignty of our country," Low said.
As drafting and passing laws are exhaustive and require time, Low could not say whether the PDEA will become law in time for the 14th General Election.
"Initially, we thought the next elections would take place in 2018, but it seems that may be changed. However, it will certainly be ready for the 15th General Election," he told reporters.