KUALA LUMPUR — Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023 — roughly RM55 billion annually — based on gross domestic product (GDP) estimates, revealed Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki.
He said the figure underscores the urgent need for coordinated and high-impact enforcement efforts to curb leakages and recover stolen assets, especially those siphoned abroad, Bernama reported.
“These figures aren’t just statistics. They clearly show how corruption and related offences, such as document forgery, manipulation of financial statements, and misappropriation of company funds, have undermined government policies, processes and service delivery, as well as operations in the private sector.
“In the end, this erodes public and investor confidence and hampers national progress,” he said.
Azam was speaking at the launch of the Accounting Fraud Task Force (KKFP), a new multi-agency platform aimed at enhancing Malaysia’s asset recovery efforts, particularly those involving funds and properties linked to corruption and misappropriation hidden overseas.
He said the MACC, as the lead agency and secretariat for KKFP, will ensure detection, analysis and enforcement actions are carried out in a more efficient, coordinated and high-impact manner.
“Dealing with cases involving the loss of national funds through complex syndicates that involve multiple parties is not an easy task. However, through KKFP, we can plug further leakages and recover stolen assets.
“For example, during this morning’s briefing on the 1Malaysia Development Berhad (1MDB) case, it became clear that there is still much to be done. It’s a challenging process that requires specialised expertise,” he told a press conference.
Besides the MACC, KKFP includes representatives from the National Audit Department, Accountant General’s Department, Inland Revenue Board (LHDN), Companies Commission of Malaysia (SSM), Universiti Teknologi MARA (UiTM), and the Malaysian Institute of Accountants (MIA).
The task force, Azam said, would serve as a strategic collaboration platform to address accounting fraud comprehensively.
He described the 1MDB scandal as one of the most complex cases due to the international dimensions involved, with many assets still located abroad.
“We’re moving in that direction through KKFP’s involvement in the 1MDB case. But this is no easy feat, as many of the assets are abroad — and not all countries maintain strong cooperation with us. That’s where KKFP’s expertise will be vital in tracing assets via international collaboration,” he said.
Azam added that the task force will also focus on asset recovery, with positive outcomes expected within the next six months.
He also cited a 2023 study by EMIR Research which estimated that Malaysia lost up to RM4.5 trillion between 1997 and 2022 due to various forms of leakages and misappropriation. - May 19, 2025
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