LETTER | Expose the true beneficiaries of graft
Modified4 Feb 2021, 1:06 am
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LETTER | The Panama Papers, the world’s biggest leaked documents, highlighted the complex ways used by companies and individuals to conceal the actual beneficiaries of a certain company. It exposed a system that appeared to facilitate economic crime.
There were 142 politicians and their families from 12 countries that put their money into offshore accounts to hide their wealth.
The same
modus operandi could also be taking place locally by securing huge government projects amounting to billions of ringgit.
One way to overcome corruption and money laundering is by introducing a central registry for ultimate beneficial ownership (UBO) of companies registered in Malaysia. It is now time for the government to unmask the corrupt and publicly reveal who actually benefits from every company registered in their jurisdictions.