From Malay Mail · Arif Zikri · · 1m
Finance Ministry to strengthen oversight of public funds
Malaysian Finance Ministry amends Audit Act and procurement law to boost public fund transparency.
In brief
Malaysian Finance Ministry amends Audit Act and procurement law to boost public fund transparency. Malaysia's Finance Ministry will amend the Audit Act and implement a new procurement law to improve oversight of public funds and prevent financial mismanagement. Originally reported by Malay Mail.
Finance Ministry amends Audit Act
Malaysia's Finance Ministry will amend the Audit Act 1957 to strengthen oversight of public funds.
New procurement law to take effect
The Government Procurement Act 2026 will enforce transparency in public contracts starting in 2027.
Auditor-General gains wider scope
The Auditor-General can now trace funds across government agencies and examine money usage.
Procurement transparency measures
Government will share contractor names and contract values once the law takes effect in 2027.
Government-Owned Entities Bill proposed
The bill aims to prevent financial scandals like 1MDB and Tabung Haji mismanagement.
Prime Minister's commitment
Prime Minister Anwar Ibrahim says improved governance will benefit public welfare.
In short
Malaysia's Finance Ministry will amend the Audit Act and implement a new procurement law to improve oversight of public funds and prevent financial mismanagement.
