KUALA LUMPUR: The Dewan Rakyat today approved the National Anti-Financial Crime Centre (NAFCC) Bill.
Minister in the Prime Minister’s Department Datuk Liew Vui Keong said NAFCC would establish, administer, maintain and manage a centralised data system which contains relevant information that it receives or gathers.
He said the information gathered by NAFCC and analysed data may be used for the planning and coordination of an integrated operation and prevention of financial crimes.
He said the centre would also look into money-laundering, but would not have the authority to prosecute.
“The existing enforcement agencies have sufficient powers to do so. What we need now is coordination among them, which is where NAFCC comes in.
“In terms of allocation, a cost-benefit analysis done showed that the setting up of the centre would be cost-efficient as the resources and costs would be shared among the relevant enforcement agencies, while NAFCC’s staff are loaned from these bodies.
“This means the government would be able to save cost, in contrast to operations carried out in silo by the agencies,” he said in his winding-up speech, adding that further discussions would be held with the Finance Ministry on the allocation for the centre.
It also provides power for the centre’s director-general, with consultation of the executive committee, to issue guidelines on any matter relating to its functions.
Earlier, Liew said appointments for the centre’s director-general and chairman will go through the Parliament Select Committee (PSC).
“As of now, four major appointments go through the PSC, which include appointments for the Election Commission, Malaysian Anti-Corruption Commission, Human Rights Commission of Malaysia, and the judicial appointment committee.
“Similarly, process of appointment (for NAFCC) will now go through the PSC,” he told reporters at the Parliament lobby.
Liew said the government would consider suggestions for the NAFCC to report directly to Parliament or the King, adding that all reports would be audited.