PUTRAJAYA (Aug 19): The Cabinet has basically agreed on the proposed policy paper on the management of seized and forfeited assets which was tabled on Wednesday (Aug 17) to enable the National Anti-Financial Crime Prevention Centre (NFCC) to proceed with the process of drafting the amendment Bill. 

Minister in the Prime Minister's Department (Parliament and Law) Datuk Seri Wan Junaidi Tuanku Jaafar said the decision follows the Special Cabinet Committee Meeting on Anti-Corruption and Prime Minister Datuk Seri Ismail Sabri Yaakob's media statement on May 19, pertaining to making NFCC the central agency to manage seized and forfeited assets.

Wan Junaidi in a statement on Friday (Aug 19) said the amendment Bill would involve amendments to the National Anti-Financial Crime Prevention Centre Act 2019 (Act 822) and consequential amendments to 26 Acts regulated by eight ministries and departments.

According to him, an amendment drafting committee has been formed to detail the provisions that will empower the NFCC to manage seized and forfeited assets on behalf of the government.

Wan Junaidi said research and benchmarking on asset management would be carried out by examining its implementation in several countries that have a centralised property management system such as Australia, the United Kingdom, the United States and the Netherlands.

"It has been found that countries that have a centralised property management system are able to manage property more effectively and efficiently, adding value and bringing success to the country.

"Most importantly, its implementation will benefit all parties in the criminal justice system," he said.

Wan Junaidi said a one-stop centre to manage seized and forfeited assets is required in Malaysia.

"Creating a comprehensive data system on seized and forfeited assets is a holistic and strategic step, as this will ensure effectiveness and efficiency of law enforcement in dealing with financial crimes and mitigating financial leakages," he said.

Through such a policy, law enforcement agencies can focus more on investigation and enforcement actions, Wan Junaidi said, since a centralised agency would be looking into matters relating to seized and forfeited property.