Date : 15th October 2019
Venue : Majestic Hotel Kuala Lumpur
The Malaysian Anti-Corruption Commission (Amendment) Act 2018 was passed in Parliament and gazetted on 4 May 2018. The main thrust of this Act is to introduce a new far-reaching Corporate Liability provision into the existing MACC Act 2009.The amendments introduce a new Section 17A, which provides that “a commercial organisation commits an offence if any person associated with the commercial organisation commits a corrupt act in order to obtain or retain business or advantage for the commercial organisation”. If an offence is committed by the commercial organisation, the law will deem the directors, partners and/or management of the organisation to have committed that offence. Ministerial Guidelines have been issued, in line with the amendments, to assist commercial organisations develop “Adequate Procedures” to address Section 17A. the Adequate Procedures are also a defence against corporate liability. Section 17A comes into effect on 1 June 2020. The penalties, upon conviction, may entail a fine of not less than ten (10) times the value of the gratification or RM1 million, whichever is higher, and/or a jail sentence not exceeding twenty (20) years. In view of the hefty penalties, it is crucial for Directors, Partners and Management to have structures and processes in place to demonstrate that they have taken reasonable steps (the Adequate Procedures) to prevent such offences.
This corporate Liability provisions impact local companies (as well as foreign companies having business in Malaysia) and partnerships (unlimited as well as limited, carrying on business whether in Malaysia or elsewhere), their Directors, Partners and Management.
This case-studies based course will enable participants to understand the implications of corporate liability law and how it can make both directors and senior management liable under S 17A of MACC Act 2009. Furthermore, participants will be able to appreciate, understand and most importantly, implement the ‘adequate procedures’ under the Guidelines in a practical manner. The ‘adequate procedures’ offer a defence against corporate liability (which comes into effect from 1 June 2020). The approach is a hands-on interactive approach which will highlight practical ways of embedding the ‘adequate procedures’ within an organisation’s existing structures and processes.
The session will also include the “lines of defence” available to those charged with governance (that is the Directors, Partners and Management). Other legislations like the Companies Act 2016, the Capital Markets & Services Act 2007 and the Malaysian Code on Corporate Governance, insofar as they relate to equivalent offences, will also be discussed in conjunction with the Corporate Liability Provision.
WHO SHOULD ATTEND:
▪ Chairman and Board of Directors
▪ Senior Management and all C-Suites
▪ Internal & External Auditors
▪ Investigative, Compliance & Anti-Fraud Officers
▪ Company Secretaries & Corporate Governance Officers
▪ Legal Counsel, Audit & Tax Advisory Firms
▪ Public Sector Departmental Heads and Officers
▪ Head of Statutory Bodies
▪ Procurement Heads and Officers