Corporate Liability Provision
Corporate Liability Provision
Following to the Corporate Liability Provision, Section 17A of the Malaysian Anti-Corruption Commission Act 2009, BHB would like to share the understanding of the Corporate Liability Act which was enforced on 1 June 2020.
What is Corporate Liability?
A new law provision, Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (MACC Act 2009)
What is the offence under Section 17A of the MACC Act 209?
A commercial organisation can be prosecuted and punished for criminal offences when officers/employees/vendors/partners working on behalf of the commercial organisation commits a corrupt act.
What are the types of corruption offences?
If a person associated with the commercial organisation corruptly gives/agrees to give/promises to offer any gratification for the purpose of obtaining/retaining business or advantage in the conduct of business for the commercial organisation.
What are the penalties?
- Fine of not less than ten (10) times the sum of value of the gratification or;
- RM1 million, whichever is higher or:
- Imprisonment of not more than 20 years, or both