Chinese-based party MCA said it it willing to open its books and be transparent on political funding, as proposed by the National Consultative Committee on Political Financing.

"On the proposal of declaring donations, MCA is willing to open its books on political funding, as announced by our party president Liow Tiong Lai in 2015.

"In fact, MCA has the practice of informing the public of our list of donors," said party deputy president Wee Ka Siong in a statement.

However, Wee said, the party is mulling the method of declaration, as to whether only to the Controller or to the public at large, and whether RM 3,000 as the optimum donation threshold should be further studied.

MCA also agreed to the proposal to ban foreign donations.

'Spending cap for campaigning insufficient'

As to the the removal of the political spending cap, the party noted that the previous cap during campaigning is insufficient.

"However, when read together with another proposal of allowing tax deduction for political donations, we are mindful of the repercussions of possible abuse of the system to avoid paying taxes to the government," it warned.

MCA said it appreciates the committee's 32-point recommendation, which includes the government tabling new laws under the Political Donations and Expenditure Act.

"We welcome all efforts to promote transparency and accountability in our country’s political sphere," Wee's statement further states.

Wee also said that it would be premature for MCA to make any in-depth comment based on the initial information revealed by the consultative committee.

In any case, he said that MCA will conduct a detailed study on the 32-point recommendations, though he noted that the these are subject to the approval of the cabinet and Parliament.

The recommendations were announced today by Minister in the Prime Minister's Department Paul Low, who oversees the committee.

The national consultative committee on political financing was set up following a backlash over the RM2.6 billion donation issue.

Najib had shifted blame for his non-disclosure of the donation to the opposition, saying parties like DAP have opposed his suggestion on political funding reforms.

DAP has denied this allegation.