Malaysian faced the biggest multi-billion corruption scandal in recent times. The propagator of the scam was none other than the former Prime Minister of the country. What follows was the firm resolve of the government to introduce new laws and anti-corruption legislation to eliminate all forms of corruption, especially in financial institutions and commercial businesses. ABMS Malaysia is protocols specific to such an anti-corruption drive.
The laws of Anti-bribery Management Systems(ABMS) apply to all top organizations and executives. The senior management is bind by the rules to comply with provisions and regulations on the control of anti-corruption. The anti-bribery act includes several measures to ensure there are no elements of corruption in any organization. Some of the practices that work must comply with is implementing the policies of whistle-blowing, and due diligence of financial and business transactions.
ABMS Malaysia is a complete blueprint for running and maintaining the anti-corruption drive. Institutions that are failing to implement these provisions risk facing litigation and criminal prosecution. They have to comply with all rules, including a complete background screening of all existing and new employees from junior post to executive level. The companies must ensure continuous training of the staff and senior management on anti-fraud laws along with any further changes in the policies. It is the responsibility of the organization to empower everyone in the organization to know about all the provisions they must adhere to in keeping the operations free from any elements of corruption.
According to ABMS regulation in case of any negligence to implement the anti-bribery drive, all the directors, partners, or employees can face joint accountability. In the case of monetary corruption, the person may face penalization that can be fined up to 10 times of the financial crime. The criminal prosecution also includes the possibility of imprisonment that can be for 20 years. The penalties and fines are in place to discourage any element of bribery in trade, business transactions, and financial dealings.
Businesses all over have law departments to learn the clauses of the ABMS provisions. The government has shown seriousness and firm resolve to curb corruption, and there are no aspects of any leniency in implementing these laws. Since organizations may face many forms of penalties by breaking these laws, they are careful to enforce all the rules. All the future transactions, hiring process, learning, and development include the new provisions of the anti-corruption drive. The senior management has the firm focus to adhere to these government laws to avoid any litigation matters and avoid paying hefty fines and penalties, including jail sentences.
