In a speech delivered on 10 December 2018, the Prime Minister of Malaysia announced that the corporate liability amendments to the MACC Act will be brought into force on 1 June 2020.
Further, I had earlier written about the important defence of adequate procedures. It is a defence for an organisation to show it had adequate procedures in place to prevent such associated persons from carrying out the corrupt conduct.
The one takeaway of this new corporate liability is this. Essentially, when a person associated with a company commits a corrupt act to obtain a business advantage, this will expose the company to committing a criminal offence. This will then have serious repercussions on the directors and management of the company.
The main thrust of this Bill is to introduce a new far-reaching corporate liability provision into the MACC Act. There are key changes and steps that companies, and its directors and officers have to be aware of.