# Finance Ministry to strengthen oversight of public funds

> Malaysian Finance Ministry amends Audit Act and procurement law to boost public fund transparency.
- Title: Finance Ministry to strengthen oversight of public funds
- Summary: Malaysian Finance Ministry amends Audit Act and procurement law to boost public fund transparency. Malaysia's Finance Ministry will amend the Audit Act and…
- Keywords: malaysian finance ministry, audit act, government procurement act, auditor-general, 1mdb, tabung haji, felda, news, world, Finance, Ministry, strengthen
- Source: Malay Mail — https://malaymail.com/news/malaysia/2026/10/12/finance-ministry-to-strengthen-oversight-of-public-funds-through-amended-audit-act-new-procurement-law/238864
- Author: Arif Zikri
- Published: 2026-10-12T20:16:06+00:00
- Read time: 1 min
- Topics: malaysian finance ministry, audit act, government procurement act, auditor-general, 1mdb, tabung haji, felda, news, world
## 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.
## Key takeaway

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.