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Daily Express
20 hours ago
- Business
- Daily Express
Digitech new avenues for graft, too: Azam
Published on: Friday, June 20, 2025 Published on: Fri, Jun 20, 2025 Text Size: Azam posing with his team and the organising committee. Kota Kinabalu: Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said while digital technologies like artificial intelligence (AI) and blockchain bring notable benefits, they also create new avenues for corruption if proper controls are not in place. Speaking at the International Conference on Technology, Management and Sustainability (ICTMS 2025) at Universiti Teknologi Mara (UiTM) Sabah branch, Azam pointed out the double-edged nature of technological advancement in sectors including taxation, e-commerce and Environmental, Social and Governance (ESG) reporting. Advertisement 'Innovation brings great potential from improving audit quality to facilitating compliance, but it also opens new spaces for corruption, fraud and breach of trust if there are no controls,' he said. 'Using systems alone without applying human thinking in making decisions is important. From a governance perspective, if there are good systems but those managing them lack integrity and accountability, then those systems can be used for wrongdoing,' Azam added. Azam, who is also an Adjunct Professor at UiTM's Accounting Research Institute (ARI), said the commission has extensively adopted technology to enhance enforcement efficiency and impact. He noted that widespread technology use has significantly aided intelligence and investigation work, with some cases now resolved within three to six months compared to much longer periods previously. Advertisement Azam also drew attention to warnings from the United Nations Office on Drugs and Crime (UNODC) and Interpol that Southeast Asia has become a hub for cyber fraud and digital money laundering. Criminal syndicates are exploiting fintech applications, unlicensed digital wallets and cross-border platforms to hide illegal flows using fake identities and AI-generated documents. 'In 2023 alone, more than RM330 million was lost due to fraud, representing a 25 percent increase compared to 2022, involving cryptocurrency abuse, fake investment platforms and mostly stemming from weaknesses in digital channel monitoring,' he said. He cited Operation Tropicana as an example, where MACC uncovered a cross-border investment fraud syndicate operating boiler rooms across Malaysia. The conference was organised by UiTM's Accounting Research Institute in collaboration with MACC's Financial Analysis Division, bringing together distinguished guests including Professor Emeritus Dr Normah Omar and Sabah MACC Director Datuk Karunanithy Y Subbiah. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
2 days ago
- Business
- The Sun
AI, blockchain technology can enhance audit quality and compliance
KOTA KINABALU: Digital innovations such as artificial intelligence (AI) and blockchain technology in work processes, taxation, e-commerce, and ESG (environmental, social and governance) reporting hold significant potential to enhance audit quality and facilitate greater compliance. Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki said that while advanced technologies bring numerous benefits, they also present new opportunities for corruption, fraud, and abuse of trust if not properly governed. 'From a governance standpoint, even the most robust systems can be manipulated if those managing them lack integrity and accountability,' he said. He said this when officiating the International Conference on Technology, Management and Sustainability (ICTMS 2025), organised by the Accounting Research Institute (ARI), Universiti Teknologi MARA (UiTM), here today. Speaking to reporters later, Azam said the MACC is actively developing a new system aimed at enhancing the efficiency and impact of anti-corruption enforcement efforts. According to him, the adoption of modern technology has significantly accelerated the Malaysian Anti-Corruption Commission's (MACC) investigation and intelligence processes, with most cases now being resolved within three to six months, compared to previous years. Meanwhile, Azam said the MACC is also in discussions with the Attorney-General's Chambers to implement a Deferred Prosecution Agreement (DPA), an initiative focused on the recovery of large sums of money to be returned to the country. 'This new approach will involve setting policy for cases that emphasise not just prosecution, but also the recovery of funds, particularly in high-profile cases,' he said.
