Steps are being taken to formulate a ground-breaking Political Financing Act to regulate the financing of political parties with the drafting of a policy scope for such a bill by the special cabinet committee on corruption.
According to a written reply by Law Minister Wan Junaidi Tuanku Jaafar to Ahmad Maslan (BN-Pontian), the special cabinet committee met on May 19.
The special cabinet committee has also agreed to table the policy scope to the cabinet.
However, it is still early days for any political financing bill as Wan Junaidi said study and engagement sessions for the draft bill had yet to begin.
"This bill is important because currently, there are no laws or regulations for political financing.
"Having such a law can reduce the risk of corruption and abuse of power involving politicians by introducing political financing reporting," he said.
On Wednesday, Prime Minister Ismail Sabri Yaakob said he hoped to implement other reforms following the passing of an anti-hopping law to discourage MPs from switching parties.
One such reform mentioned by Ismail Sabri is a political financing bill.
Calls to regulate political financing had intensified in recent years due to the 1MDB saga, which saw former prime minister Najib Abdul Razak claiming that he had received a RM2.6 billion donation from Saudi Arabia.
A political financing law will, among others, requires the disclosure of sources of funding, donations and the amounts received by political parties and their politicians. - Mkini
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