MACC chief: Corporate criminals manipulating shares openly, agencies must keep up

PUTRAJAYA, April 2 — Share manipulation and other forms of corporate crime are increasingly being carried out openly, Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki said today, stressing the need for authorities to step up efforts to detect such activities.

Speaking at the Multiagency Taskforce Engagement Session at the MACC headquarters here, Azam said corporate criminals are using complex structures and professional networks to hide fraudulent activities, including tax evasion, money laundering and manipulation of shareholdings.

“These crimes now appear to be operating openly, yet they are in fact carried out in an organised manner, using legitimate corporate resources to challenge enforcement authorities as well as regulators, such as Bank Negara and banking compliance bodies,” he said in his speech.

He said corporate criminals also often rely on networks of professionals such as accountants and lawyers, as well as insiders within relevant agencies, to facilitate illegal activities while reducing the risk of detection.

“These actors not only protect illegal activities, but also manipulate corporate structures, launder illicit funds, and exploit the system to ensure that these crimes can continue with minimal consequences,” he said.

Azam added that enforcement agencies must continuously improve their expertise, including upskilling officers and adopting new technologies, to keep pace with increasingly sophisticated corporate crime tactics.

“For these criminals, there is only one objective in mind, to ensure that their activities cannot be detected. If detection becomes possible, they will face serious difficulties. 

“This is precisely why detection can be challenging, as such activities are often deliberately concealed. Therefore, we must enhance our expertise, continue upskilling, and keep pace with emerging technologies in order to strengthen our capabilities,” he said.