Action needed on Pandora Papers

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The government has to act without fear and favour to investigate the names cited in the Pandora Papers to find out the possible wrongdoing and corruption that are taking place. The aim of the investigation is mainly to clear their names.The government should make it mandatory for all MPs and assemblypersons to declare all their assets onshore and offshore. This will enable the authorities to detect any new asset or property owned by MPs, especially those who hold high positions in political parties.One way to overcome corruption and money laundering activities kept in offshore accounts is by introducing a central registry for beneficial ownership of companies registered in Malaysia and those keeping funds in Labuan. It will play an important role in the transparency of ownership. A beneficial owner of a company is the person who truly owns, enjoys and controls the company, eve…