KUALA LUMPUR (June 30): Financial institutions have been called to play a vital role in exchanging information and sharing expertise with the Malaysian Anti-Corruption Commission (MACC) on large and suspicious transactions detected to fight corruption and money laundering cases in the country.

MACC chief commissioner Tan Sri Azam Baki said the commission would discuss with the institutions the best method to detect illegal proceeds at an early stage, such as the procurement stage.

He added that this was also to enable the financial sector to channel information to the MACC more effectively and quickly, without violating the law. 

“This cooperation is necessary because the banks are the earliest to detect suspicious transactions,” he said at a luncheon with the financial sector here on Thursday (June 30).

Also present were Securities Commission Malaysia executive chairman Datuk Seri Dr Awang Adek Hussin and Bank Negara deputy governor Datuk Marzunisham Omar.

Azam said better collaboration between the bodies are important to curb rising financial corruption, especially those involving high-profile and public interest cases.

He added the implementation of the Capacity Building Programme in the financial sector could also increase the capacity in fighting graft.

Meanwhile, RHB chief executive officer Mohd Rashid Mohamad, when met at the event, said cooperation between banking institutions and MACC is needed to tackle the increasing number of financial crimes in the country.