Finance Ministry to strengthen oversight of public funds through amended Audit Act, new procurement law
KUALA LUMPUR, Oct 12 — The Finance Ministry will use amendments to the Audit Act 1957 and the Government Procureme...
The Finance Ministry in Malaysia plans to strengthen oversight of public funds and enhance transparency in government spending through amendments to the Audit Act 1957 and a new Government Procurement Act 2026. Treasury Secretary-General Tan Sri Johan Mahmood Merican explained that the revised Audit Act will grant the Auditor-General broader authority to track funds across government agencies and assess their utilization.
The government has also approved the procurement legislation, which will be enforced next year, enabling tighter oversight regarding transparency and value for money in procurement processes. Johan added that the Act will require the government to disclose information about companies receiving contracts starting in 2027. The proposed Government-Owned Entities Bill aims to improve oversight of procurement and investment by government-owned entities, including government-linked companies and statutory bodies.
This legislation was proposed to prevent financial scandals such as 1Malaysia Development Berhad (1MDB) and mismanagement involving Tabung Haji and Felda from happening again. Anwar Ibrahim, the Prime Minister, highlighted that the improved governance would contribute to the welfare of the people once the new laws come into effect in 2027.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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