The multi-agency special task force to reduce illicit financial flows (IFF), which has been operating since March 1 2011, will be institutionalised this year.
In a related move, the government will also establish a Central Asset Management Corporation to secure value from assets seized by enforcement agencies.
Attorney General Tan Sri Abdul Gani Patail said the government has decided to institutionalise the task force because it was found effective in curbing illicit financial flows.
"At the same time, it has also helped improve the government's revenue," he told a media briefing, which was also attended by Malaysian Anti-Corruption Commission (MACC) chief Datuk Seri Abu Kassim Mohamed and the special task force head Datuk Zamani Abdul Ghani.
The high-level task force - a brainchild of Prime Minister Datuk Seri Najib Razak - was formed not to take over the jobs of the Internal Revenue Board (LHDN) or the Royal Malaysian Customs and Excise Department.
It was set up to gather information, piece it together and provide the impetus for the relevant agencies to act based on intelligence and facts, said Gani, who is also the chairman of the special task force.
Among other members of the task force are the respective heads of Bank Negara Malaysia, MACC, LHDN, Customs, the Immigration Department, Auditor-General and the Companies Commission of Malaysia.
Following these efforts, revenue collections from LHDN and Customs have shown marked increase.
This does not mean that over the years, LHDN and Customs have been complacent. It just meant that they are now more efficient with a better understanding of the business world, he said.
The Attorney General said the approach taken by the task force is not to put the evaders in jail, but to facilitate them to pay up the taxes owed to the government over the years.
"We are not going to kill the goose that lay the golden eggs as we understand that it may affect future tax revenue collections and jobs.
"We are playing the role of a financial expert, advising them how to settle their default payments."
On the Central Asset Management Corporation, Gani said it will be entrusted with assets seized by the enforcement agencies and secure their values for the victims or the government.
"In many cases like seized vehicles, we have found their value reduced to scrap metals after the respective cases are complete in courts.
"To secure the value, the proposed asset management corporation, which will be a government entity, will lease or dispose of these assets with the participation of the victims.
If they are no victims, the government will keep the proceeds.
"If the prosecution wins the case, the government will keep the proceeds, which will also be shared with the relevant enforcement agencies to be used to enhance their capabilities," he added.
Gani said the Attorney General's Chambers is drafting the relevant laws and hopes they can be passed in the next Parliament sitting after the general election.
-btimes.com
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